So I have a Federal Perkins Loan, 4,744 at 5% interest. The minimum payment is 50.32 a month for 10 years. I have been paying 150.00 a month to knock it out in in less than 3 years and pay way less interest. It came out of deferment last month and after looking at my statements I see they are only applying 50.35 from my 150 to the principal and “holding” the difference. I called them and they said that’s how these loans work, meaning you can’t pay back the principal early? I called my school to ask them and won’t hear back until Monday….
Anybody dealt with these?
Anybody dealt with these?
