got a letter from sallie mae

[doobie]

hi guys,

i just got a letter from sallie mae and it shows my outstanding loan balance and outstanding interest

 

im a little confused, even though they say that im not responsible for paying anything right now, they recommend that i pay the interest because it will keep accumulating and get added to the principal eventually.

 

initially i was planning on not paying anything while im in college and consolidating/refinancing once i graduated. but would it make sense for me to make those interest payments now?

 

thanks.

[BadCredit101]

hi guys,

i just got a letter from sallie mae and it shows my outstanding loan balance and outstanding interest

 

im a little confused, even though they say that im not responsible for paying anything right now, they recommend that i pay the interest because it will keep accumulating and get added to the principal eventually.

 

initially i was planning on not paying anything while im in college and consolidating/refinancing once i graduated. but would it make sense for me to make those interest payments now?

 

thanks.

 

 

IMHO - It just depends if you can afford to make those payments now. If you can, I would suggest you pay the interest now...maybe even some of the principal balance. This will reduce what you owe later...as eventually you will have to pay all that money back...

[doobie]

can i refinance the loan now or do i have to wait for graduation because right now my loan is at 12.25%

 

hi guys,

i just got a letter from sallie mae and it shows my outstanding loan balance and outstanding interest

 

im a little confused, even though they say that im not responsible for paying anything right now, they recommend that i pay the interest because it will keep accumulating and get added to the principal eventually.

 

initially i was planning on not paying anything while im in college and consolidating/refinancing once i graduated. but would it make sense for me to make those interest payments now?

 

thanks.

 

 

IMHO - It just depends if you can afford to make those payments now. If you can, I would suggest you pay the interest now...maybe even some of the principal balance. This will reduce what you owe later...as eventually you will have to pay all that money back...

[aluminumfalcon]

you cannot consolidate a student loan while still attending school.

it used to be possible, but i believe that changed in 2006.

imo, paying interest and even small payments to the principal while attending will greatly lower your post-graduation debt.