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How do interest payments work on federal unsubsidized loans? mine is 6.8% for my 6,000\$ loan..... am I paying over 360 a month?

I'm reallllyyyy confused here but I understand that the loan ordeal is that I have to interest as soon as i get the loan on the unsubsudzed, but after doing the math, 6.8% of 6000 seems a little bit way tooooo high for a college student to even hope to pay off

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No no, 6.8% is the ANNUAL interest rate. You have a minimum monthly payment that is set, but only a small part of that is interest (6.8% divided by 12.)

Have you gotten a statement yet? You can log in online and check your balance and what your minimum payment is. For example, my loans were a total of \$21,000, a rate of 6.8%, and my minimum payments are \$244 a month (\$90 of which is accrued interest.) My loans were through MyEdAccount.com but were sold to Nelnet. You can (and should) pay more than the minimum. ALSO, they have an auto-debit system called Kwikpay and if you sign up for auto payments it lowers your interest to 6.55% instead of 6.8%.

Lastly, keep in mind that when you first start paying on your loan, if it's been deferred then you'll have a good amount of interest built up, so the first payment or two will pay off the built up interest and then your payments will start bringing down the principle.

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whewwwww okay that sounds about right. So I was just checking it out online and the monthly payments are 69\$...... so would I be paying this for 12 months every year for the toatl of 120 months that it says? It said I'd be paying a total of 8200\$ with interest included. Also, I work for my uncle's company in the summers and winter breaks and I make decent money. Say I save up a few thousand dollars next summer, say 3000\$, could I use that to pay off my loan principle? I usually like to pay off any outstanding debts as soon as I can
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That sounds right.
Oh yes I feel the same way about loans. I haven't found anything in the loan terms about fees for paying off early. So put as much money as you can into it to reduce as much interest as you can! Even if there's a leftover balance, now you're not paying interest on that extra \$3000.
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Oh, you can also pay on the loan while in deferment. It won't kick you out of deferment. So while there won't be a required payment, you can still pay on it and get the cost down.
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Yea this year is gonna be particularly tough, i was goin to get a place off campus with a "friend" and he bailed on me and and I ended up giving the lease up after I couldnt find a room mate, Ironically enough, I got 4 calls the day after I released the lease... So my tuition literally got doubled from 8 to 16 thousand because of the dorms and and meal plan, and it will only be for my first year since prior to the dorm situation I was fully covered on a pell grant and subsidized loan.
Thanks a lot bro!
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Ouch >.< You're welcome and good luck :)
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That seems very reasonable to me.

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Paying 360\$ a month seems reasonable? Paying 2/3's of the loan amount solely in interest in a one year period seems a bit rash... I mean that's more then a new car payment
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