bbbabygirl62003
1 Answer
Jack Large
NO! Consolidation will INCREASE the amount due monthly, unless the period of the loan is extended and THAT will add to the total amount of interest due
The only way you reduce the TOTAL amount of your student loan it to make an addition payment, of any amount, between you due dates.
Student loans are simple interest loans, like a mortgage. Extra money applied before the next due date comes totally OFF of the principle, thus reducing the amount of interest applied to the subsequent payment.
| 14 years ago. Rating: 0 | |
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