ST Alpha - "That’s my read as well, but it’s vague enough that I have questions. -- nm" (Reading a Post)

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In response to "I think they were paying aggressively. 220k principal and 80 k interest. Now project at 110k and 110k. Unless there are hidden fees, penalties, etc -- nm" by VMan

That’s my read as well, but it’s vague enough that I have questions. -- nm

Posted by mafic Dec 2 '21, 05:41

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Responses:

Yeah. I mean typically (say mortgage) your paying all the interest up front. This seems wonky. -- nm - VMan Dec 2, 05:43 4
- What, so if you borrow with a 20 year term you pay 20 years of interest before any principal? That’s weird. -- nm - mafic Dec 2, 06:00 3
  - A loan payment is generally applied in the following order: fees, interest, principal. -- (edited) - znufrii Dec 2, 06:03 2
    - Yeah, just making sure it wasn’t some weird American thing. Like your interest is in imperial or something. -- nm - mafic Dec 2, 06:11 1
      - No, the weird American thing here is that it is almost impossible to have student loans discharged in bankruptcy. -- nm - znufrii Dec 2, 06:14

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