Student Loans

[CuriousPharmD]

Is there anybody paying the interest on their unsubsidized portion of their student loans? If you are, how are you paying it...is it monthly, quarterly, or yearly?
I contacted Sallie Mae, which handles my student loans, to have them send me an interest bill so I can pay it, but they make it seem like it's impossible to do so.
If you are paying the interest on your unsubsidized portion, explain how you went about setting it up. thanks.

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[troutpharm]

at the time of application for the note you specify that you would like to pay the interest monthly, at least that was how it was with the lender I chose.

 

[pinkyrx]

I pay mine via my lender's website. I can pay it anytime I want to, but I prefer to pay it monthly so that it doesn't build up too much. It's not a set thing, so you can pay it whenever you get around to doing it.

From what I've read, as long as you pay off the interest before graduation (even the day before) the interest won't roll over into your principle. I just don't want to let mine build up because to me it "feels" like I'm paying less if I pay little bits at a time.

 

[BME103]

Just go to www.manageyourloans.com to mange your loans. Click on the Pay Now link and pay the interest. You can email them saying you want the payment to count toward your incrued interest rate.

Also remember that up to $2500 of paid student loan interest can be counted as tax deductible per year if you make a certain income.