My Prepayment Test
Now all of this given information failed to make in what other people from the WCI Forum did actually think about prepaying loans under RePAYE. So, we place prepaying to your test:
- Present Principal: $149,734
- Interest at Starting of Test: $1,864
- Daily Interest Accrual at 5.5%: $22.56
- Monthly Interest Accrual at 5.5%: $676.88 (thirty day period)
- Monthly Interest Accrual at 2.75per cent: $338.44 (1 month)
Centered on my daily interest accrual as well as the information given by the FedLoan Servicing worker, we paid $30 (to ensure I had been over the interest accrual on any given day) at three various points within the loan cycle that is monthly.
We paid $30 on a day that is random see if the complete $30 would get to the principal, if $22 would get towards the interest from that time and $8 would go directly to the principal, or if perhaps all $30 would get toward the attention.
All of it went toward the attention.
We paid $30 at the time that the attention subsidy ended up being granted, the day that is first of thirty days. The logic right right here had been then perhaps my account would be at $0 of interest accrued that month and all of my payment would go towards the principal if FedLoan Servicing was applying the interest subsidy the first of every month.
All of it went towards the interest