How to prepay interest before the loan is due

Discuss Stafford, PLUS, Direct, and other federal loan products.

Moderators: Ms. Stafford, Financial Aid Guru

How to prepay interest before the loan is due

Postby deagle » Sun Jan 24, 2010 11:19 pm

Hello, My parents would like to pay for any interest accruing now while I''m in school - how would they find out how much the interest is every month or every quarter, and send a check designating that it's payment for interest (maybe no need to designate since interest will get added back to loan amount anyway?). They were told by the financial office that a statement will be sent by the Stafford office, but they have not received any. This is a Stafford Unsub loan taken out Fall 2009.

Thanks in advance for the help!
deagle
New
 
Posts: 1
Joined: Sun Jan 24, 2010 11:10 pm

Re: How to prepay interest before the loan is due

Postby kristinem17 » Mon Jan 25, 2010 2:45 pm

They are right you should have received a bill. I would contact your lender directly to find out how to make interest only payments. If you do not know who your lender is you can contact the Department of Education's Borrower Tracking Department and they should be able to tell you. 800.433.3243
kristinem17
Doctor of Financial Aid
 
Posts: 249
Joined: Mon Sep 28, 2009 9:34 am


Return to Federal Loans

Who is online

Users browsing this forum: No registered users and 1 guest