I’ve searched the site of the bank that my kid has borrowed from and cannot find the monthly interest accrual. I’m told that they do not have to provide this figure, but I don’t believe that is true based on the Truth in Lending Act. Can anyone help? He wants to pay monthly interest to avoid ballooning debt but he can’t figure out what that is. Thanks.
We didn’t get monthly statements but we did get an end of semester estimate on the interest which we paid.
Is it a private loan or a Stafford loan? If stafford, the interest rate is set (I think it was 4.65%) so just put it in a calculator. I’d put in 5%, and pay that monthly.
Thank you.