Hi, I am terrible with anything math related, but I'm sure someone SMART can answer this. My son has a small government student loan(maybe 4000.00 or so) and has just started paying it. He wants to try and pay it off early but asked me how he can do that. I just made a payment for him and last month he paid 100.00 instead of what his usual payment would be. The statement that came now says he only owes a smaller payment this month but he thinks it will always be that way and he can never pay ahead. If he continues to pay 100.00 or so(when his payment is normally 67.00) he thinks the next statement will say he doesn't owe anything for that month. Can he pay ahead or do they not allow that?
It's confusing for me....thanks for any help you can give. Peg
It's confusing for me....thanks for any help you can give. Peg