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ABV · 11-08-2007

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.

11-08-2007	#5
ABV Admin Who Wants To Be A Millionaire Champion! Join Date: Oct 2003 Location: Minneapolis, MN Posts: 939	Re: Wells Fargo(Vent) 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.