Need a little help on word meaning…?
I’m paying on my student loans and the repayment obligation paper i received has a section that reads:
All payments for the repayment period are due on the same day of the month as the initial payment. If a payment is not made as scheduled )e.g. if I am late in making a payment or if I am entitled to a deferment) or if, under applicable law, payments should have commenced on a date other than as listed in the repayment schedule, the Lender will adjust the repayment schedule and if permitted by law may capitalize unpaid accrued interest.
What I’m wondering is, is that payment date considered the day of the month they set or the day of the month they received my first payment?
Your initial payment should have the date of future payments set by your student loan lender. So if you paid your first payment on
Jan. 26, 200X then every payment must be received every month before that date. Otherwise interest and penalty will incur per your loan agreement.
