What should I do about my what seems like a way overpaid stafford student loan?
I took out a $7500 stafford student loan at 7% interest from sallie mae in 1995. When I left college in 1996, I was not able to start paying. I put it in for a forberance on the loan and also hardships. As the years past, the loan has been sold a few times to other banks or corporations and has occured lots of interest. I am now under Nelnet Corporation and I didn't start paying until I landed a decent job in 2004. The amount was now up to an outrageous $13,000.00. I've been paying $150 a month since 2004 and am current and all on time since then. I have chiseled it down to $5,500, the current balance now. I recently have been checking the status and was wondering if I have gotten screwed over the years for paying all this back. Is their any way to settle this amount? I have already paid the amount I have borrowed, its just this loan never goes away. Any help or suggestions would be appreciated.
Asked By: Jay - 12/24/2008
Best Answer - Chosen by Asker
This is what happens when you don't pay on a loan for several years. The interest is added to the principal and then the next time the interest is amortized, you pay interest on the principal and the added interest. This makes it add up quickly... More
Answered By: Suddenly Human - 12/24/2008
Additional Answers (1)
You should have taken more math classes... The formula for interest accrual is... More
Answered By: jeff_power - 12/24/2008
Find job openings in your area. Apply for open job positions today.
$21/hr Start, Avg Pay $72K/yr No Experience Needed! Get Started.
New job opportunities added daily. Search & apply for DC jobs now.
Shopping for Jobs Today? Find the One That's Right for You!
Other Career Questions
What jobs are there in the business field that are night jobs? Places and job titles please. Im have a BA in Business Admin and looking for a night job, already have a morning/day job.
Enumerate these jobs Say, patent application writting. patent application writing. In a company, what jobs are needed to keep confidential?
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.