Help me make sense of this student loan

decap00 · #1 (**permalink**) 03-15-2010, 11:17 PM

Hi,

To start Im sorry for the long text but this has me confused...

Soon ill start the repayment of my student loans and cant make any sense of how they are finding the payments. To try sum this up I am on an interest only repayment plan, at first they had it calculated to be $109 a month then I sent an email trying to have them explain where they came up with this number and instead they sent me the message below changing my payment to 96.05. So this is making me think something is up. I would really like someone to try help me make some sense out of this. If you have some free time I could really use some help, Thanks.

I have 5 loans(1 per yr) all are unsub stafford.

3222.63 at 2.4% variable
3178.53 at 2.4% variable
1051.68 at 2.4% variable
6746.50 at 6.8%
6373.54 at 6.8%

For a total of 20,572.88. So this is where Im confused, to find my monthly interest I would take the amount and multiply it by the interest rate then divide by 12 then add each together, when I do this I end up with 89.25 so shouldn't this be the amount I pay?

Here is the message I received from them.

The currently monthly interest amount is $85.75 based on your loans principal balance of $20,572.88 and your interest rates. Please keep in mind that not all of your loans have the same rate of interest.

When considering your request for interest-only payments, federal regulations state that no monthly payment can be more than three times greater than any other scheduled payment.

For example, on loan 1 the interest-only portion of your graduated repayment schedule is $6.66 per month, no other payment amount in that repayment schedule can exceed $19.98. Since the total payments under that schedule would not repay your loan within the maximum 10-year repayment term, the payment amount had to be adjusted to comply with federal regulations and the maximum repayment term. The lowest we were able to set the payment to was $11.11.

We recalculated each individual loan and were able to lower your monthly payment to $96.05. So effective 4/9/10, this is what your monthly payment will be for the next 12 months. Please keep in mind that loans 1-3 also have a variable interest rate that is subject to change each year on July 1.

SecuritySupportAV · #2 (**permalink**) 03-17-2010, 04:57 PM

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