Hi,

1) I just graduated and noticed my monthly payment (sent by my lender) is only $50 a month when it’s supposed to be much much higher (4-figure) than that. It seems like a computer glitch… Question is, should I just keep this monthly default $50 and continue to pay the usual high 4-figure payment that I’m suppose to pay or should I call in to get it fixed? Reason is, if I run into financial crisis down the road, I can still make my monthly payment with the $50/month. I was told if this $50 per month is not fixed, in the future, I can get penalized for not correcting it?

2) I’ve noticed my monthly payment has gone towards paying the interest on my loan only. Why do I not have a choice in putting my payment towards the principle balance instead? Is there a time frame as to when I can start to allocate how much money go towards the principle and how much go towards the interest?

Thanks!

-P