Upstate NY Nesties
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Student Loan Question <kinda dumb>

I know it's more "money matters" related but I'm scared to post there because I don't have 6 million dollars in savings and 0 credit card debt.

Ok- so my payments are due on the 15th of the month. As the month goes it accrues interest, right? So would it be smarter to pay monthly as soon as I can, as opposed to on time- like would it save interest? Or does it just accrue a set amt each month vs daily? I tried to call my lender and ask a few questions but it's always someone with a super thick accent speaking circles around me.

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Re: Student Loan Question <kinda dumb>

  • I am pretty sure it accrues the same amount either way, calculated on the day of your statement.  I could be wrong though.

    Student loans are awful.  I feel your pain.

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  • I can't really give you a definitive answer, but do go over and post on MM.  I post there regularly.  Not everyone has 6 million dollars/0 credit card debt -- some do, many just aspire in that direction.  ;)  Don't be intimidated, they're nice over there.
  • imageSusie Derkins:
    I can't really give you a definitive answer, but do go over and post on MM.  I post there regularly.  Not everyone has 6 million dollars/0 credit card debt -- some do, many just aspire in that direction.  ;)  Don't be intimidated, they're nice over there.

    Haha. Thanks! I hope I didn't offend. I have just checked out the board a few times and everyone seems nice, I definitely wish I could be more like them!

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  • With mine- Interest is calculated on the day the statement is issued. 
  • It is calculated from the date of the statement, so you won't save money paying the full amount earlier in the month. 

    However, my BIL (an accountant) gave me a little tip.  Make 2 payments each month that add up to the total you pay each month.  You are then paying more onto the principal and in the end therefor having less intrest paid because the actual loan amount goes down quicker.

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