Student Loan Question

[Jaydepps]

Sorry if this is common knowledge, but I am expecting to graduate this year and I have been estimating my monthly student loan payments. I have concluded that my student loan payment will be roughly $800 a month I believe. I noticed that my loans each had finance charges as they should, but what do these ridiculous numbers actually mean? I thought they were the amount of money you would pay in excess if you paid the minimum for the duration of the repayment period. If I were to pay my loan sooner would I still have to add the finance charges anyways? Thanks

 

[Humusluvr]

That's not a legal question - that's a question to ask the loan originator.

 

[ecmst12]

Your loans accrue interest every day once the grace period is over (if they are unsubsidized loans, they accrue interest every day from the day they are disbursed). If you pay them faster, you pay less in interest overall, but the percentage is what the percentage is. After you pay them for a while, you might be able to consolidate/refinance for a better interest rate.