I'd like an overview of how much I will owe by a year by year basis on my student loans. I don't want to spreadsheet this if I can avoid it, especially since I'd like to experiment with different interest rates.
In short a calculator/chart like this.
Starting Loan Balance 70k (P + is amount Principle Payment Increase in $, I - is amount Interest Payment Decreases in $)
Year 1 Amount Owed 70,000 Interest Rate 7.8% Total Payment (Principle 3420, Interest 5460) = 8800, P + (add), I. - (decrease)
Year 2 Amount Owed 66,580 Interest Rate 7.8% Total Payment (Principle 3687, Interest 5193) = 8800, P + 267, I - 267
Year 3 Amount Owed 62,893 Interest Rate 7.8% Total Payment (Principle 3975 , Interest 4905) = 8800, P + 288, I - 288
Year 4 Amount Owed 58,918 Interest Rate 7.8% Total Payment (Principle 4205 , Interest 4595) = 8800, P + 230, I - 310
Year 5 Amount Owed 54,323 Interest Rate 7.8% Total Payment (Principle 4563 , Interest 4237) = 8800, P + 358, I - 358
Year 6 Amount Owed 49,760 Interest Rate 7.8% Total Payment (Principle 4979 , Interest 3821) = 8800, P + 416, I - 415
Year 7 Amount Owed 44,781 Interest Rate 7.8% Total Payment (Principle 5308 , Interest 3492) = 8800, P + 329, I - 329
Year 8 Amount Owed 39,473 Interest Rate 7.8% Total Payment (Principle 5722 , Interest 3078) = 8800, P + 358, I - 358
Year 9 Amount Owed 33,751 Interest Rate 7.8% Total Payment (Principle 6168 , Interest 2632) = 8800, P + 446, I - 446
Year 10 Amou. Owed 27,583 Interest Rate 7.8% Total Payment (Principle 6649 , Interest 2151) = 8800, P + 481, I - 481
Year 11 Amou. Owed 20,934 Interest Rate 7.8% Total Payment (Principle 7168 , Interest 1632) = 8800, P + 519, I - 519
Year 12 Amou. Owed 13,766 Interest Rate 7.8% Total Payment (Principle 7727 , Interest 1073) = 8800, P + 559, I - 559
Year 13 Amou. Owed 6039 Interest Rate 7.8% Total Payment (Principle 8329 , Interest 471) 8800
I have 4 private loans, totaling 70k with a weighted interest rate of 7.8%. I want to refinance this loan but wan't to increase my FICO of 648 before I do so to hopefully get a better interest rate. I might be able to increase my credit to 718 simply by opening a credit card. Any recommendations? I'm interested in credit to refinance hard money loans for real estate investments.
Furthermore, there are 3 notices of 120 overdue payments. This is alarming and surprising. To my knowledge, there should not be this many or at all. There may be a discrepancy somewhere. While I was in school, I defered the payments. Thats the only thing I can think of.
CES student loans were the ones who reported. They since transferred the loan to Reliamax.
What are my options? Should I call CES and see if I can work it out. If I pay them, will they remove the notices? How soon will they go effect? Likelyhood they will do it, even if I was at fault?
