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I messed up when I consolidated my student loans and managed to consolidate less than the payoff. I've continued making payments on the unconsolidated loans, and at this point my next due date on a payment is in 2017. It looks as though I have the option of changing the due date. When I select that on my servicer's website I get the following message:
"Some, or all, of your loans have been prepaid. A prepaid loan means your next payment due date has been advanced by the number of full monthly payments that are satisfied by the excess payment received. If you decide to remove or change your prepaid status, the due date for your next payment will be adjusted to the date you select. Since interest cannot be satisfied in advance, changing your prepaid status will not affect your outstanding balance or the amount of interest already accrued. However, your account may become due for the current month. Please remember, you will receive a bill for your next payment due date (whichever date you select). Since interest cannot be satisfied prior to it accruing, if you decide NOT to remove your prepaid status, interest will continue to accrue on your account while it is in the prepaid status. This will then be satisfied first when applying your next payment."
I don't fully understand what that means. Also, I can't figure out whether it makes sense to change the due date. How would changing the due date impact my student loan payments? I make a point of paying more than the accrued interest each month. The servicer claims my monthly payments would be about 400 starting in 2017, but I currently pay between 200-250 each month. Approximately 25-50% is applied to principal, depending on the month.
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