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  1. #4
    Join Date
    Feb 2008
    Posts
    1,179

    Default Re: What Loan Documentation Are You Entitled to Receive for Student Loan Debt

    So there has been interest on $60 k for around 17 years? Even at 4% annually, compounding interest would easily bring the total to over $100K and very closet to $117k depending on how often interest compounded. And that is assuming that it was exactly $60k......You've ignored them for close to 17 years? You didn't keep the original documents but agree that you took out $60k? You didn't think that interest accrued on debt? I hope you at least got a college education out of that $60k! And it possible that they might have added some collection fees over the years if that was allowed in the agreement/loan paperwork

    Student loans don't disappear -- they can even take your Social Security Payments when you get to retirement age. You really ought to try to start a repayment plan.
    4% with annual compounding (but monthly is much more likely and will increase the amount owed as it compounds faster, but just wanted to give you a short chart on simple annual compounding -- monthly puts the simple end to about $118K owed)
    $60,000.00 original amount
    $62,400.00 end year 1
    $64,896.00 end year 2
    $67,491.84 end year 3
    $70,191.51 end year 4
    $72,999.17 end year 5
    $75,919.14 end year 6
    $78,955.91 end year 7
    $82,114.14 end year 8
    $85,398.71 end year 9
    $88,814.66 end year 10
    $92,367.24 end year 11
    $96,061.93 end year 12
    $99,904.41 end year 13
    $103,900.59 end year 14
    $108,056.61 end year 15
    $112,378.87 end year 16
    $116,874.03 endyear 17

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