• loans are processed according to the amortization formula, which only makes leeway for interest. luckily you only pay interest on what you owe, rather than the total interest on the whole sum. there isn't usually a way for places to incorportate the charges with the interest, but here's a bit of knowledge to check into. see how often your loan is tabulated. a loan retabulated every year will cost you a lot more than one that is retabulated quarterly, and that will cost more than one tabulated monthly. people whose loans are tabulated yearly pay interest on the total of their balance all the way from the beginning of the year.. so even if you've paid part of it, you're still paying interest on that money until they refresh the formula.

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