Hi! I wanted to post some info about a student loan that I took out years and years ago... when I was slightly less smarter. I need help figuring out if the principal they claim is actually correct. I took out the loan in 2005 through Loan to Learn (ugh) and after making monthly payments right away for a bit, I told them that due to losing a job, I needed help. They refused, basically it was a lot of back and forth and eventually a law office said they would file for judgement. Prior to them filing, I went back and forth, they falsely claimed they had a judgement, they wouldn't take what I offered to pay monthly, etc.,) I hired a lawyer and before it went to court, we came to an agreement:
(I will write it word for word in the signed letter)
"I am confirming my client's agreement to accept your offer, that you in your individual capacity agree to be liable and pay the sum of $25,031.35 (representing outstanding principal of $15, 141.84, plus accrued interest of $5,911.95 through 02/28/12, late charges of $863.19, a settlement of the attorney's fees in the amount of $3,028.37 and court costs of $86.00) in the above referenced mtter, plus variable interest at the current rate of 11.15% per annum from 02/28/12 until paid on the outstanding princible balance due."
They said they would apply to accrued interest, interest and principal, and last to late fees/att. fees).
So, I paid $3000 at the start of this agreement. Then $300 a month (never missed a month) since 06/15/13.
I would occasionally ask for a statement balance to see what I have left and they would half explain, but ALWAYS said the 11.15%. (the rate has never changed, and I have never been notified of such.)
I have a statement from 6/1/16 (note, over two years ago) that says:
Open Interest: $2,299.89 (this number has stayed the exact same since we made this agreement)
Charges Interest: $12,442.64
Total payments so far applied to that $13,800
with a balance of $755.91 in interest.
I finally got another claim total report two weeks ago that says:
Total payments towards interest is $17,885.03 with a $0.00 balance
and now $3,714.97 has gone towards the P with a remaining Principal of $11,426.87
It shows that it is still accruing daily interest and the total balance is now $15,463.77 as of 8/10/18
So, I have paid a total of $21,600, it doesn't seem right that I somehow now still owe over $15k, when the original payments of $25,031.35 covered the principal, accrued interest, late charges, court fee, and attorneys fees. From what I understand, the accrued interest should have been paid off fairly quickly and the principal should have been going down a lot sooner, hence less daily accrued interest.
I asked them to look into it two weeks ago and the lady that has taken my payments every month for the last 5 years keeps telling me that she needs more time to calculate it all. Do any of you have a way for me to break this down or can you suggest a calculator to use? I understand that if they had wanted me to prepay all of the interest upfront (including the unearned), they would have had to have told me, and they should not have been adding new interest daily.
I am hoping someone out there likes puzzles 
. Thank you!
@Anonymous wrote:(I will write it word for word in the signed letter)
"I am confirming my client's agreement to accept your offer, that you in your individual capacity agree to be liable and pay the sum of $25,031.35 (representing outstanding principal of $15, 141.84, plus accrued interest of $5,911.95 through 02/28/12, late charges of $863.19, a settlement of the attorney's fees in the amount of $3,028.37 and court costs of $86.00) in the above referenced mtter, plus variable interest at the current rate of 11.15% per annum from 02/28/12 until paid on the outstanding princible balance due."
They said they would apply to accrued interest, interest and principal, and last to late fees/att. fees).
So, I paid $3000 at the start of this agreement. Then $300 a month (never missed a month) since 06/15/13.
When did you pay the $3000, and when did you start paying the $300 a month. What number of months did you miss?
A lot of time between 2/28/12 and 6/15/13.
I am hoping someone out there likes puzzles
Would not mind running the numbers but need some date & payment info !
@Kforce wrote:
@Anonymous wrote:(I will write it word for word in the signed letter)
"I am confirming my client's agreement to accept your offer, that you in your individual capacity agree to be liable and pay the sum of $25,031.35 (representing outstanding principal of $15, 141.84, plus accrued interest of $5,911.95 through 02/28/12, late charges of $863.19, a settlement of the attorney's fees in the amount of $3,028.37 and court costs of $86.00) in the above referenced mtter, plus variable interest at the current rate of 11.15% per annum from 02/28/12 until paid on the outstanding princible balance due."
They said they would apply to accrued interest, interest and principal, and last to late fees/att. fees).
So, I paid $3000 at the start of this agreement. Then $300 a month (never missed a month) since 06/15/13.
When did you pay the $3000, and when did you start paying the $300 a month. What number of months did you miss?
A lot of time between 2/28/12 and 6/15/13.
I am hoping someone out there likes puzzlesWould not mind running the numbers but need some date & payment info !
Exact payment dates would also help out, although might not make a difference.
I believe you have saved about 4,000 as of 8/2018
The numbers don't make sense at 11.15 %.
You are at less than 10%, no mater how I calculate it.
The 9.4% amortization table comes close but is still only approx depending on dates.
I believe you are on the money savings side of things !! 
Balance start of 2/28/2012 = 25,031.35
Payment of 3,000 same day ( just a guess )
New Balance 2/28/12 after payment = 22,031.35
Calculate the daily interest for balance with no payments
(22,031.35 * 0.1115)/365 = Day Interest = $6.73 per day
Days between (2/28/2012 and 06/15/2013) = 459
(459 * 6.73) = 3089.07 Interest
New balance as of 6/15/2013 @ 11.15% = (22,031.35+3089.07) = 25.120.42
** New using the 2999.xx = 22031+2300 = 24,331
Loan: 25120.420
Rate: 11.150 %
Pmt : 300.000
Payment Principal Interest Balance yyyy/mm #
---------------------------------------------------------------------------------------------------
300.00 66.59 233.41 25053.83 2013 6 1
300.00 67.21 232.79 24986.62 2013 7 2
300.00 67.83 232.17 24918.79 2013 8 3
~~~
300.00 110.74 189.26 20257.58 2018 1 56
300.00 111.77 188.23 20145.81 2018 2 57
300.00 112.81 187.19 20033.00 2018 3 58
300.00 113.86 186.14 19919.14 2018 4 59
300.00 114.92 185.08 19804.22 2018 5 60
300.00 115.99 184.01 19688.23 2018 6 61
300.00 117.06 182.94 19571.17 2018 7 62
300.00 118.15 181.85 19453.02 2018 8 63 ***
~~~
300.00 292.46 7.54 518.52 2026 10 161
300.00 295.18 4.82 223.34 2026 11 162
225.42 223.34 2.08 0.00 2026 12 163
---------------------------------------------------------------------
Total Interest Years
---------------------------------------------------------------------
48825.42 23705.00 13.58
At 9.4 % interest it comes close to your numbers.
Loan: 24331.000
Rate: 9.400 %
Pmt : 300.000
Payment Principal Interest Balance yyyy/mm #
---------------------------------------------------------------------------------------------
300.00 109.41 190.59 24221.59 2013 6 1
300.00 110.26 189.74 24111.33 2013 7 2
300.00 111.13 188.87 24000.20 2013 8 3
~~~
300.00 168.05 131.95 16677.25 2018 1 56
300.00 169.36 130.64 16507.89 2018 2 57
300.00 170.69 129.31 16337.20 2018 3 58
300.00 172.03 127.97 16165.17 2018 4 59
300.00 173.37 126.63 15991.80 2018 5 60
300.00 174.73 125.27 15817.07 2018 6 61
300.00 176.10 123.90 15640.97 2018 7 62
300.00 177.48 122.52 15463.49 2018 8 63 ***
300.00 178.87 121.13 15284.62 2018 9 64
300.00 180.27 119.73 15104.35 2018 10 65
~~~
300.00 294.72 5.28 378.93 2024 1 128
300.00 297.03 2.97 81.90 2024 2 129
82.54 81.90 0.64 0.00 2024 3 130
---------------------------------------------------------------------
Total Interest Years
---------------------------------------------------------------------------
38782.54 14451.54 10.83