consolidationg pay off, is this right?

[Anonymous]

I don't understand something. My origional loan amount was for $48,000 give or take.  I consolidated back in July 2006 and when I checked today it said my payoff is $52,000 (and some change) is this right?!!! Do they tack on the interest at the beginning and paying off early doesn't save you money?

[LynnInMN]

Your original consolidated balance was $48K.  What was your interest rate and how much were you paying?  I played with the loan calculator and at a 6.8% interest rate, interest payments alone would be $272.   Doesnt sound like you have been covering your monthly interest charges.

[Anonymous]

My original loan amount was 48k. The interest was suppose to be 4% I consolidated before rate increases back in 2006. I have been making 225/month payments. I did check and it says year to date I have paid something like 1000 in interest. Good greif! Im never going to get it paid off!