Reply to How to minimize monthly interest ($550/month) accruing on student loans?

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[quote=Anonymous][quote=Anonymous]OP here - it's law school (HYSCCN) debt.  Three years of loans to cover tuition only with interest accruing before I went into repayment.  I took out $150k, decided not to do big law, and graduated with $175k because of interest.  I'm a government attorney now making very low six figures with a combined HHI around $250k.  My consolidated interest rate was about 7.5% before I refinanced with SoFi and the interest was just making it impossible to put a dent in the principle.

Yes, the extra payments go toward the principle.  I spoke to Mohela (SoFi) today and they gave me instructions for spreading out the additional payment.  They have to be individual payments, so I'll set up weekly auto bill through my bank and have already designated that all payments go to the principle.[/quote]

You’re doing it wrong. Unless you’re planning on leaving government work some day, pay the minimum and get public service loan forgiveness after ten years.  Your balance sheet and finances will be stressful for ten years, but you’ll be much better off in the end. As long as you start PSLF certifications before the program is changed, you’ll likely be grandfathered in and retain the benefit of the program. 
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