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September 8th, 2011 #1
- Join Date
- Sep 2011
How do caluculate the minimum payment?
I'm very confused by how DebtGoal calculated the minimum payments for my student loans serviced by American Education Services.
I added up all the payments that DebtGoal said I should make toward these loans and the total was $284.18, however my normal minimum payment towards these loans is around $380?! Can someone please explain to me what will happen if i do what DebtGoal suggests? Am I allowed to make payments less than what my lender says is the minimum payment??
September 8th, 2011 #2
Hi Janice - Yes, you should pay at least the minimums on each account! If your minimum payment due for all loans this month is $380, then that's what your starting Monthly Commitment should be. Please do not pay any less than what your lenders have asked for.
I'll reach out to you over email with your account details so we can get your plan set up correctly. It's likely that there may be some data error you may be overlooking and I'll be happy to help you with that.
- BhawnaBhawna is a Debt Expert and is inspired by so many determined to becoming debt-free.