[T9000]

When will they bill me? It has been a month. Still no bill. Maybe I missed part of the agreement.

[Wesson]

you will get it soon enougn, my student loan first bill took around a month and a half to get here, dont worry itll come......

[anaphora68]

I'm in the same boat as you, one month and no bill yet. However, if you want, you can go mbna.com and create an account and see your statement online/pay bill online, and all of that nice fun stuff..

Aren't student loans fun?

[pwolfe1]

i got mine roughly mid way throught the second month.

[madmacgames]

yeah just goto mbnanetaccess.com and signup for online access. Then you can just instantly pay online with either check or direct bank transfer... It's kinda nice if you also have an MBNA credit card(s) cause then you can see all the accounts from one place.

Though they don't treat the loan exactly like a credit card (though technically it is just that, an "invible" CC with whatever limit or "loan amount" you requested... on the CC account I have with MBNA, if I enough pay more than minimum due, then no payment is required for a few months (ex: $30 due, but I pay $200)... I thought maybe that'd be the same with the "loan" so I paid down a big chuck of it last month thinking then none would be due this month, but there is... so its sorta a CC (in terms of the account number - its a CC number basically, and once you pay some down, you can use whatever you paid down again - think of it like an Apple CC); but not quite a CC - some different rules apply.

[Minty Fresh]

It will take up to 45 days for you to see your first bill. You should have gotten a letter from MBNA that says that.

[danbrew]

Originally posted by madmacgames:
Though they don't treat the loan exactly like a credit card (though technically it is just that, an "invible" CC with whatever limit or "loan amount" you requested... on the CC account I have with MBNA, if I enough pay more than minimum due, then no payment is required for a few months (ex: $30 due, but I pay $200)... I thought maybe that'd be the same with the "loan" so I paid down a big chuck of it last month thinking then none would be due this month, but there is... so its sorta a CC (in terms of the account number - its a CC number basically, and once you pay some down, you can use whatever you paid down again - think of it like an Apple CC); but not quite a CC - some different rules apply.

It works just like any other loan - if you pay down the principal then the amount upon which they calculate the future interest payments should be decreased. Many consumer accounts actually spell out that an overpayment will be applied to future scheduled payments - but they're screwing you if they do this. They should instead apply any overpayment to the principal amount and continue on with the scheduled payments.

[madmacgames]

Originally posted by danbrew:
It works just like any other loan - if you pay down the principal then the amount upon which they calculate the future interest payments should be decreased. Many consumer accounts actually spell out that an overpayment will be applied to future scheduled payments - but they're screwing you if they do this. They should instead apply any overpayment to the principal amount and continue on with the scheduled payments.

that is not quite what I meant... I know how loans work and actually the apple loan is not like other loans - once you downpay part of the principle, it is available again for "re-use".. not so with real loans; you have to reapply for another loan. The apple loan is just a credit card without the card. MBNA calls it a credit line (take a look at your account number... it's probably a Visa number).

What I meant was that I have an MBNA credit card and say this month (November) I paid down $200 of the amount owed and the minimum payment was $30 say, MBNA would not bill me again until January or February... Since I paid so much above the minimum due this month, they let me skip the next month or two if I wish (zero due those months). I was thinking the apple loan would be the same, but is not. A minimum is due each month, even if you paid a large chunk last month. It could just be the CC program I signed up for with MBNA because when I saw they let me skip months because of large payments the prior month, I was quite surprised.

[anaphora68]

As far as loans go I'm pretty happy with this loan, I like the ability to pay down the principal as I go and not have my credit rating ruined.

AND online payment.