Has anyone ever tried to pay down their federal school loan?
I am thoroughly frustrated. I have called the Federal Student Loan Dept. and none of them understand how to pay down a loan. They told me to send in a second payment in the same month, after I have satisfied the actual payment due. I did that. They took my second payment and applied it to both interest and loan. The website myedu.com does not have any information that shows students how to pay down a loan. It does tell you how to lower your payment and defer. What is wrong with that picture? Students need to pay-off a loan fast and quick. I am really angry at our government.
I have a long painful history in trying to pay off my Federal Student Loan. If you are want to pay extra money towards your loan, you must tell them or write on the 2nd check that you want the money to only go towards the ''principle." If not they will automatically pay it towards the interest which does little to decrease your total.
I have a hub that I wrote about pitfalls to avoid when paying off your debt. I learned the hard way. I hope it helps.
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