I have about 44k left to pay. I’m not eligible for forgiveness and want to pay them off as fast as possible. I am on the save plan still in forbearance with interest piling up. I have been making payments every month as much as I can. Will switching to a different plan help me pay off the loans faster or should I stay in save until they make me switch?
Posted by Secret-Flight-7446
3 Comments
Doesn’t matter either way. You can always pay more than the minimum amount
If you dont need the protection of federal loans, you might look into refinancing with a private company. Again, you’ll lose the ability to go into forbearance, but you could save some money.
If you’re in the SAVE forbearance then you can throw your entire payment at your highest interest *rate* loan, so you’re in a rare position to min/max on the avalanche method if your goal for your loans is aggressive repayment. No need to change your repayment plan yet, but make sure you have an emergency fund saved up in the meantime