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How come so much of my student loan payments goes to interest?
Dec 30th
Hello. One of my loans ($25,000 total from college) say it is 6% variable interest rate. My monthly payments are about $350 and of that, $200 is being applied to interest. How is the interest so high? Thats over 60% of the payments I’m making going to interest alone and only $150 to principle!
can some one help me calculate my student loan payment?
Dec 27th
Hello!
I am in my second year in college. I am a independent student in southern California.
Subsidized loan amount so far- $4750
Unsubsidized loan amount so far- $6000
In total I owe- $10,750
It was my first time applying for unsubsidized loan. Since I was independent student I was able to get maximum of $6000 this semester.
I know that I can start making payments for the subsidized loan when I graduate. I have to start repaying the unsubsidized but I dont know how the repayment is going to work. My interest rate is 6%.
that is so far what I know. Horrible. I know. But I was in need of money and I didnt have much choice other than pulling out this loan.
How long is the term to repay unsubsidized and subsidized loan?
also, I know my interest for the subsidized it taken cared until i graduate but how long is the longest time they give you to graduate?
I am just bit scared I might have to start paying like few hundred dollars a month…
any idea? thanks!
