I haven't been in repayment for very long so I want to make sure I'm not doing anything wrong. My student loan monthly statement breaks down each of my loans and says how much I owe for each one, but I've only been paying interest on my smaller/lower interest rate ones while putting the majority of my money towards the biggest/highest interest rate loans. Do I need to pay off the amount my monthly statement is telling me I owe for the other loans that I'm currently just paying interest on, or is what I'm doing okay?
Do I have to pay off the amount listed for each loan in my monthly statement?
byu/Daddy_Sigmund inStudentLoans
Posted by Daddy_Sigmund
1 Comment
You have to pay the monthly minimum to *each loan* each month as specified. If you only make payments to a subset of your loans then your *other* loans will eventually go in to delinquency then default