Can I tell my school loan company to apply my payment to principle loan?

I have some school loans which I consolidated and now I pay one monthly payment. My interest rate isn't that high at 5.25%, yet the interest paid each month is super high and hardly any of my payment goes to principle. For example, If I send in $200 dollars a month, about $150 of that is interest. I always send online payments, but was wondering if I should start sending a check along with a note stating please apply the amount to principle. Is this something I can do? Will the company have to apply my payment to principle if I state that I want the payment applied to principle?

Can I tell my school loan company to apply my payment to principle loan?

As long as you are still paying the required monthly amount of interest you are charged, you can pay extra that is applied to principal.

Lets say that your monthly bill is $200 (150 interest and 50 principal) you can add an extra $100 to your payment and request that the extra be applied to principal. You can not request that your original payment all be applied to principal, but anything you pay on top of that can be applied to principal.

Can I tell my school loan company to apply my payment to principle loan?

They always apply to interest first....isn't that cute?

Can I tell my school loan company to apply my payment to principle loan?

In general that's like asking if you can just pay down the principle of your mortgage...without any interest.

You have no choice...the amount of allotted interest you are charged is based on the principal remaining balance of your loan...as time goes by the interest amount will get smaller, and your principal portion will get larger.

If you increase your payment in small incriments....an extra 50-100 each month, the extra payment will go on to the principal, and in turn each month that goes by your interest will get smaller due to the smaller principle.

In all honesty (I work for a National Student Loan centre) and you've got it good. The majority of students I see are making 900 dollar payments....750 dollars of it going towards interest and they are being charged a rate of 8.75-9.75 %