Ever wonder how your payments are being applied to your interest and principal balances? Get all the details on simple interest and your student loan payment from StudentLoanRepay.com.
In general, the lower your monthly payment, the more interest you will pay over the life of your loan(s). Student loans accrue interest on a daily basis, so the longer you take to pay it back, the more interest you will accrue.
Find out how paying an extra $10, $20 or $50 a month could affect the amount of interest paid on your student loans. We have created a loan repayment calculator for you to get a visual representation of how paying extra on your account can decrease the amount of interest you pay and allow you to pay your loan off faster!
If you are having trouble making payments, contact us as soon as possible to talk about your repayment options.