Help with student loan question?
If I am making more than the monthly payment on my student loan, should I apply the overpayement towards the interest on the principal?
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If they are federal student loans, all the overpayment will go directly to principle, if private it depends on your contract.
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This is not an option you have. Your payment will be applied to the interest that has accrued. Then, if your payment is in excess of that amount, then the balance will be applied to the outstanding principal. This happens automatically.
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interest 5 or 6 %
I found the best information & options here. Good luck!
http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.html
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principal if you can
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