MAP: Here Are The States Where People Are Falling Behind On Their Student Loans

[mike_c]

7. shocking report from my student loan servicer....

OK, I'm in the office at the moment, and don't have the paperwork in front of me-- it's at home-- so I'm paraphrasing from memory. But this morning I looked at the monthly statement from Mohela, who services my Dept. of Ed consolidated student loans. As part of the back story, I've been making payments to the Dept of Ed for about 15 years, paying $500 to $750 monthly. Mohela is a recent participant-- they've only been servicing the loan for the last year or so.

Anyway, looking at the statement I found:

Original principle amount: $55K (rounded numbers)

Total interest paid to date: $6,500

Total principle paid to date: $1,500

I pay them more than that ANNUALLY, and I've been doing it for 15 years! No, I haven't called them yet to ask where all that money went, but I damn sure will by the end of the week.