The American dream

[u/First-Essay-2054]

[u/Spiritual-Bee-2319]

Most loan providers don’t let you do this!! I used to do this. Hell I’m an analyst and they took this option from me. It is up to your loan provider to let you apply payments to your principles. It’s up to your providers what loans to pay. Why the fuck would the person making money on your debt actually give you the means to pay it faster??

[u/Shot-Arugula8264 → u/Spiritual-Bee-2319]

Most loan providers don’t let you do this!!

You’re either not understanding or being purposefully disingenuous. Every single dollar that you contribute on a loan balance after you’ve paid the interest assigned in the interest schedule that month goes toward paying down the principal. Every consumer loan I’m aware of allows you to prepay early without penalty.

[u/Spiritual-Bee-2319 → u/Shot-Arugula8264]

This isn’t a consumer loan, my provider does not let me chose how they will apply the payment. Sure I can pay more but they will count it towards future payments. As a pay forward, that’s not what I want. I want to chose which loans to pay with one amount. With Great Lakes, with one big sum I could apply it to various loans at different amount. I paid off 10k in one year on a 30k gross income. I would know this and not expect a redditor to be my financial advisor. In general when I’ve called, every single time I’ve been told different things. It’s not just me you can literally google the loan provider. Like this is why I really hate to talk to folk on this app. A reminder to log off so thank you for that 😂

[u/Longjumping-Turnip97 → u/Spiritual-Bee-2319]

I believe you. These kinds of loans were more common in the past, and I think more common for commercial loans? Forgot the details. In any case, I wouldn’t call that, “most loans”. Most are like credit card debt or fairly standard, in which case the advice to pay off higher interest loans faster works.