<p>Our son is completing his senior year of college. I am done with parent plus loans, I have 56k worth of loans, and have been paying on them for the last 3 years, I have paid a total of 21 to 22k on the loans over the three year period. This includes $2300 cash down on the first disbursement, which was 16k. I was on the standard repayment plan for awhile, and also paid ahead status. I knew once the last loan disbursed, that staying on the ten year plan was more than I was going to be comfortable with paying monthly. I figured we would consolidate the loan and have one payment per month going toward one loan, however after talking with fed loan servicing multiple times, and getting different stories every time, I found out that their idea of cosolidation is not what I had thought. I am still in the "paid ahead" status, but am finding out that I am only getting credit for 10k toward the principal, after sending in a total of 21 to 22k total. I realize the rate on the interest is 7.9 percent, and that it adds up, but something just does not seem right here. Everytime I call fed loan, I get different reps telling me different things, I just don't know what end is up anymore. Imtalked one night with a rep for over an hour, just to call back the next day to be told that they had no record of the prior call. I am just trying to figure out a way to make sure that when I make a payment it is benefiting my wallet, not theirs. Who can I talk to that can sit down look at my bill, and help me figure things out, aside from fed loan people, that I don't trust?</p>
<p>When you send in more than your scheduled payment, you have to tell them to apply the extra to principle or they will ‘pay ahead’ the payments, and that is not helping you. For example, say your payment is $500 but you pay them $1000. They will consider that second $500 as the next payment when you really want to reduce principle and pay another $500 next month. If you don’t tell them how to apply the payments, they can do it any way they want, and in the contract it probably states that they will apply it to the next payment due.</p>
<p>If the lender won’t work with you to recalculate all your payments, contact the Consumer Financial Protection Bureau (BFPB) and they will mediate with the lender.</p>
<p>Thanks for the reply. The loans were disbursed at four different times, and that is what I am trying to figure out, exactly which loan to apply the extra to.</p>