Long time lurker, first time poster. I am embarrassed to admit that I don't understand how my school loan interest is calculated. I have been trying to get aggressive about paying down my school loans, but it is struggle.
At the beginning of 2016, my school loan balance was ~104K (undergrad & graduate degree).
I have two loans. The balances in Jan., 2016 were ~53K and $51K
Both have an interest rate of 6.62% (consolidated a long time ago).
My 2016 statement says that I paid ~$12,400 in interest last year.
This makes no sense to me! I feel like I should have paid around ~$6.7K in interest last year. I have tried several different formulas and calculators and cannot figure this out.
Please help! Thanks in advance.
Submitted March 09, 2017 at 09:04PM by SchoolLoanFuckery2 http://ift.tt/2mrB07b
