I figured I would get a better response here than in Academics and this is really a financial question.
I will be graduating from grad school in 4 weeks. I had to take out loans for school for the first time last september to get me through the 12 months of grad school. All of my loans are federal loans, no private. I did consolidate and so when I graduate will have to start paying right away.
Ok I have two questions:
1- I do have a bit of money left over from my undergrad fund that was used to pay what loans didn't cover of tuition. I want to send a lump sum check of this to sallie mae to cover the principle. They said all I had to do was enclose a letter stating to pay the accrued interest and then toward the principle and they would do it.
Has anyone else done this? Have you had any issues?
2-I want to pay more than what my monthly payment is stated to be. Pretty much I am figuring with the job I hope to get I can pay double. Sallie Mae's site says they take any overpayment and put it toward the next month. The guy at my exit interview said they may even stop taking money from me b/c I am so overpaid.
Has anyone overpaid their monthly payment and regularly? What did sallie mae do? Did they stop taking money?
I'm just worried b/c I never had student loans for undergrad and all anyone talks about is how bad sallie mae is and people can end up paying way too much.
1. On your consolidation application, there was a box for you to check if you wanted to wait until your grace period was over to start repayment and still keep the low interest rates. So, it's a moot point now, but you did not have to start paying right away.
2. Regarding prepayment and overpayment--how could they stop taking your payments? I suggest you call Sallie Mae instead of relying on what a university employee says--as I've experienced how wrong they can be.
Paying Student Loans
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