Wednesday, June 23, 2010

Loans Shmoans

We have A LOT of student loans. We've both gone to graduate school-Jason will have a few more loans for medical school-andall we can think about right now are the repayment schedules. Yikes! I've been done with my Master's degree for a year now and we've been paying on them for 7 months now and the dang interest is ridiculous. I do most of our bill paying online and have been noticing that some things weren't lining up. Today we sat down to evaluate why our prinicipal was not decreasing as much as we thought it should--we double each of our loan payments and sometimes even triple so it definitely should be decreasing!
After two and a half hours on the phone with the loan company, we finally figured everything out. We were looking at the initial balance without the interest that accrued while I was at school and the balance online didn't reflect that. What's up with these loan companies? Shouldn't they update loan information online, especially when so much bill paying and loan viewing is done online? Oh well, we have it figured out and from now on when we pay the dreaded loan payments we'll be applying all the extra towards the principal.
I'm grateful for the opportunity to attend graduate school but I have to admit....loans stink and loan payments stink ever more!

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