Student loan repayment(very detailed)?

I just recieved a loan for 12000.. I am wondering if i can start paying it off before the due date so i wont incur all these finance charges...it is as followed..annual percentage is 11.864% and there will be 240 payments of 222.64 starting 3/20/2011. The dollar amount the finance charge will cost is 41,433.60 and total payment total up too 53,433.60. I am assuming this is if i just pay the minimum right? Can I start paying the loan before the payment date and make 50 payments of 262.30 so i can pay off the loan(all together 13,114.75) plus the finance charge and origination fee odf 114.75

Student loan repayment(very detailed)?

As long as your loan doesn%26#039;t have any pre-payment penalty, I%26#039;d say go for it. Whether or not you%26#039;re currently accruing interest doesn%26#039;t really matter unless you can invest your money in something that will get you a return higher than your 11.864 interest rate. Just make sure you always get the payment applied to the principal.

Student loan repayment(very detailed)?

theoretically u could contact the financial institution and start making payments early, however only if interest is accumulating in the meantime

if interest is not accumulating in the interim (or if govt covers it), then put your cash in a short term vehicle and make a lump sum payment with your first installment

Student loan repayment(very detailed)?

Unless your loan agreement specifically states otherwise, you are always allowed to pre-pay a loan. You do need to specify that the extra goes towards reducing the principal, not towards delaying your next month%26#039;s payment. This will start paying down the loan more quickly, and will reduce both the length of time it takes to pay off the loan and the total interest paid.

Your interest rate is *very* high. You might want to look at consolidation or refinancing.

Student loan repayment(very detailed)?

The rule is that you begin repayment %26quot;after%26quot; six months grace period. Which means 6 months after you graduate they will send you a payment book.and you can start payments then. Seems to me you can make two payments or more at once as long as you include a payment stube with those payments. I don%26#039;t believe they allow payment before that (it messes up their records, and believe me, you wouldn%26#039;t want to mess up any government records). Why not wait till graduation and the 6 months has passed (all the while saving your money for just in case you don%26#039;t get a job, or in case you are without a job for a few months inbetween so you can continually make your payments, cause once you default you%26#039;re in big trouble). Plan ahead for anything that might occur.

Student loan repayment(very detailed)?

Try the links in http://www.freewebs.com/efinans/