My wife's Dad setup her loans, and I've just recently gotten access to her loan statements.
Her payments are $500/month (trying to get more details from her on amount/date she started paying) graduating from college in 2009 for a DIRECT CONSOL loan from EDLNC on a graduated repayment plan.
Original Princ: $67,777
Interest Rate: 7.375%
Outstanding Balance: $71,700
Amount paid through 4/4/17: $28,199
Internet paid through 4/4/17: $26,034
I'm freaking out right now. I was lucky enough to not have student loans, but from my limited understanding of this, the payments are only going to get larger, and we are making almost no progress on paying these off.
Do we have any options here? As a couple, we make just over $100,000.
EDIT: It looks like her loan might have been sold, so the original amount of 67k is as of 2012. She had been making $500 payments since 2009/10.
Submitted April 09, 2017 at 12:32PM by studentloanwhat http://ift.tt/2oSX8JV
