I am coming closer to paying off my student loan and I known the student loan company isn’t known for being particularly accurate with the way it calculates loans and payments but there are a couple things I wanted to test with anyone else who has looked into this.
has anyone else looked at past statements and payments plus interest since to see if it equals your current statement balance? 15 months ago I owed £9k in those 15 months I have made 4.5k payments and had about £150 added in interest. Current balance is £7.5k…
looking at my statement I can see that interest is charged monthly but until recently payments were accumulated and only removed from the balance once a year at the end of the financial year (even though payments are made monthly). It does not look like this is taken into account on interest payments and your effectively paying interest on the amount you owed at the previous financial year for a full year. Doesn’t feel right, has anyone else noticed this and investigated?
I am trying to contact them to see what’s going on (probably that my past statement is wrong… and that I signed something that allowed interest to be calculated in this way…)