Wells Fargo(Vent)

[blageo23]

Wells Fargo can suck my nuts!!! I have a STUDENT LOAN with them that I have to start paying back. The loan is for $5000 and the finance charge is $7000. So on a $5000 loan I have to pay back $12000. What kind of bullshit is that? On a god damn student loan I have to pay over double what I took out. ON A STUDENT LOAN. Arent student loans saposed to help out the student by having small interest rates and whatnot.(I know there are different types and know the difference). Yet I have another one thats $3000 and will end up paying $4000 back(from wells fargo). End rant.

[Kracka]

There is a serious problem there. Have you spoken to anyone about it?

[twack]

If I were you and your still in school id try loans from your school. Wells fargo has fined me and done alot of dumb shit but ive found that if you sit down with a banker and ask what they can do for you they have bent over backwards

[asshanson]

Did you get this particular loan from Wells Fargo Financial? WFF charges very high interest rates but they sell to higher risk customers, like students who currently don't have a job or something.

But still, paying over double back is a little insane, maybe the interest has been accruing since you took out the loan, or maybe Wells made a huge mistake and the total should be $7000, not the interest.

[ABV]

Did you read the statement correctly? My guess is that you're paying $50 per month on each loan. (I think that's the minumum payment for student loans). So if all you do is make the minimum paymetns, then over the life of the loan you would end up paying a total of $7000 ($2000 in interest.) Look at the statement again and see if that 7k is the total over the life of the loan with minimum payments. I'm also guessing that it's a 120 month loan. I haven't done the math, but I'd guess with a $50 payment, the numbers would be pretty close.

So all you have to do is pay double, triple, or more each month. Whatever you're comfortable with. Not only will it be paid off faster, but you will save a ton of money.

[ABV]

I'm just guessing at these numbers, I'm not sure what yours are, but here's an example.

$5000 loan at 7% interest over 120 months gives you a payment of $58.05 per month. The total paid over the life of the loan would be $6966

That might be a little high, but it's not unreasonable for only paying $58.05 per month. Like I said, make those double payments and you'll be money ahead in the end. :)

[blageo23]

No no, I read it right. I had my mom even call and they said that that is correct. the intrest rate is 12.75% which is really high for a student loan. This was the last student loan I took out so it has like <1year of intrest on it. With the intrest over that year the loan is now $5751.03 the "finance charge" is $7176.57. and "total of payments(the amount you will have paid after you have made all payments as scheduled)" is $12,927.60. They said the reason is because its out for a crazy 180 months at $71.82. But this is bullshit either way. I went through my school for the other loans but they would only give me $1200 per semester and my school cost over $2200 a semester.

[A//// Guy]

Sounds like you didnt read the fine print when you applied for the loan?

Damn that sucks though...

[ABV]

Oh wow, I stand corrected. That sounds like a crazy loan. I don't know that much about student loans, but maybe you could look into consolidating all of your loans. At a minimum it would allow you to maybe get a better rate.

But like I said, I don't know that much about student loans and what the rules are for different types.

[blageo23]

I had my mom call because she does loans and stuff and she knows the lingo. Also that intrest rate is with my grandma as a cosigner.