Now, maybe I just really suck at math, but I feel like having paid $1,000 (literally) on a loan with a 6% interest rate on a balance of $8500 ($4250 for the first 4 months of payments) should have brought my principal balance down by more than just $70.
Can I seriously be paying $50 a MONTH in finance charges on a student loan?? Because if so, that's fucking RIDICULOUS. How does anyone ever pay this shit off???
I sent them an email like "WTF???" and they replied with some generic email including the equation for calculating simple interest loans. I am not fucking sitting here and doing the math out.
I am also pissed off that the incentive for paying on time (1% interest drop for every 12 months of on-time payments) does not include payments made ahead of schedule.
Student loans are such a fucking racket. When I was in college in 2000-2001, the interest rates on student loans were like 3%. One of the two loans I had to take out this time gave me an interest rate of 8.6%. That's higher than the interest rate was on my CAR. And I have a credit score of 790!!!!!
I am so mad.
But on the bright side, I got my car back today!!!!!!!!