Question about student repayment for my Finance experts.
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Anonymous
| I want to pay off my loan in 10 years. I'm currently on the Income Base Repayment plan paying $550. On the Standard 10 year plan my payment will be $1250. I want to remain on the IBR plan but pay up to the $1250 amount monthly. Is this a good plan and will this work to pay it off in 10 years? |
Anonymous
|
Without the total amount you owe and interest rate, we can't tell you much.
Take that info and plug it into an online calculator to see the difference and what kind of impact the additional principal payments have on the payoff time and total amount paid. |
Anonymous
|
Approximately
6,300 at 2.88% 74,445 at 6.55% |