Re: student loans and "utilizati
04-12-2012 01:04 PM
That's an easy one. My SL's were for x amount but while in school and not actually being paid interest still accumulates and is added on. Once I saw my balances increasing while I was still in school I started making payments even though I didn't have too. Same thing if the accounts are in forebearance. The interest still accumlates and adds to the balance so it's very easy for the balance to become larger than the original loan amount.
Thanks for the explanation. It gives me even more reason to be glad I never took out a SL.