I'm on SAVE
My principal balance was $27,521.
I've paid $15,281.
I have $24,253 left on the balance. Interest is now accruing rapidly.
I consolidated in 2013.
I have 128 payments left till forgiveness.
Our joint family income is around $77,000 with 2 dependents.
When I do the loan simulator, the ibr and icr plans all show total payoff in 10 years with the total amount paid in the low $30,000s.
The monthly payments are around $240-300 a month. I feel like I'm missing something here. I've been doing the bare minimum payments with hopes of forgiveness but I'm just going to end up paying way more and part of me wants to throw $1k a month at it so it's gone in 2 years. I want to be on the plan with the lowest interest option. I didn't see RAP on the loan simulator. Any advice?
On SAVE and I don't know what to do
byu/BlueberryGirl530 inStudentLoans
Posted by BlueberryGirl530
1 Comment
The interest rate is fixed. There’s no changing it. The only way to lower the total interest paid is to pay down the loans ASAP.