Comments on: The Terrible Tale of the Interest Monster! http://www.artofthecoupon.com/terrible-tale-interest-monster/ A blog dedicated to doing more with less Tue, 06 Jan 2009 04:52:45 +0000 http://wordpress.org/?v=2.5.1 By: admin http://www.artofthecoupon.com/terrible-tale-interest-monster/#comment-473 admin Fri, 10 Oct 2008 20:33:27 +0000 http://www.artofthecoupon.com/?p=170#comment-473 GC I thought about doing public interest to try to get some of the loans forgiven, but they make it pretty hard, and you can only get a small percentage forgiven each year :( Plus, I can't teach here without a teaching certificate, which would cost more money. And I can't move, because we live free here. GC I thought about doing public interest to try to get some of the loans forgiven, but they make it pretty hard, and you can only get a small percentage forgiven each year :( Plus, I can’t teach here without a teaching certificate, which would cost more money. And I can’t move, because we live free here.

]]> By: admin http://www.artofthecoupon.com/terrible-tale-interest-monster/#comment-472 admin Fri, 10 Oct 2008 20:31:52 +0000 http://www.artofthecoupon.com/?p=170#comment-472 I will have to look at it more closely. I know they calculate interest daily instead of monthly, does that make a difference? Plus, I hadn't been paying on the loan for like a year, so there may have been outstanding interest. Its pretty confusing the way they apply the payments, what percent goes to principle and interest, etc. Hopefully, I'll be getting some more income from the company I'm trying to start, which will allow me to get rid of that $25K loan really quickly... it would be such a relief to only(!) owe $77K, lol. I will have to look at it more closely. I know they calculate interest daily instead of monthly, does that make a difference? Plus, I hadn’t been paying on the loan for like a year, so there may have been outstanding interest. Its pretty confusing the way they apply the payments, what percent goes to principle and interest, etc.
Hopefully, I’ll be getting some more income from the company I’m trying to start, which will allow me to get rid of that $25K loan really quickly… it would be such a relief to only(!) owe $77K, lol.

]]> By: marci http://www.artofthecoupon.com/terrible-tale-interest-monster/#comment-460 marci Fri, 10 Oct 2008 17:09:53 +0000 http://www.artofthecoupon.com/?p=170#comment-460 Somethings wrong with that math... A $25,000 loan at 7% is only $146 in interest a month.... Ask them to double check... are they posting for a month on every bimonthly payment, or what? That's 3 months worth of interest they have charged you for.... So it's NOT right and they need to redo their figures. Ask for them to look at it. If they can't take more than once a month payments and get it right, then you'll have to save up and send one bigger check a month, but then you lose out. Whatever extra you put on the bill each month is pure principal. Your Sallie Mae loan should be $446/mo interest on a average of 7%. So sounds like that one is below what it should be. But I wouldn't complain about that to them :) Sorry - no suggestions except to just keep throwing big $$ at it. My only suggestion is just to keep plugging away at the smaller loan and when it is done, throw it all at the bigger loan. It will ease the cash flow some in case of emergency if you are done with the smaller loan and that minimum payment. If you could get a 0% transfer on the smaller one, whatever you threw at it would be pure principal tho, leaving you a smaller amount of interest to pay in the long run, IF you could pay off the transfer card in the same amount of time.... Not knowing how much you have to throw at it, I don't have a solution. Hang in there tho - the balances are declining! Somethings wrong with that math… A $25,000 loan at 7% is only $146 in interest a month…. Ask them to double check… are they posting for a month on every bimonthly payment, or what? That’s 3 months worth of interest they have charged you for…. So it’s NOT right and they need to redo their figures. Ask for them to look at it.

If they can’t take more than once a month payments and get it right, then you’ll have to save up and send one bigger check a month, but then you lose out. Whatever extra you put on the bill each month is pure principal.

Your Sallie Mae loan should be $446/mo interest on a average of 7%. So sounds like that one is below what it should be. But I wouldn’t complain about that to them :) Sorry - no suggestions except to just keep throwing big $$ at it.

My only suggestion is just to keep plugging away at the smaller loan and when it is done, throw it all at the bigger loan. It will ease the cash flow some in case of emergency if you are done with the smaller loan and that minimum payment.

If you could get a 0% transfer on the smaller one, whatever you threw at it would be pure principal tho, leaving you a smaller amount of interest to pay in the long run, IF you could pay off the transfer card in the same amount of time…. Not knowing how much you have to throw at it, I don’t have a solution.

Hang in there tho - the balances are declining!

]]> By: GC http://www.artofthecoupon.com/terrible-tale-interest-monster/#comment-459 GC Fri, 10 Oct 2008 16:06:26 +0000 http://www.artofthecoupon.com/?p=170#comment-459 no ideas short of joining the army honestly although they do have some for teachers in low-income schools how about that? no ideas short of joining the army honestly
although they do have some for teachers in low-income schools
how about that?

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