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Hey, I was wondering if anyone knew the answer to this question regarding Federal Student Loans.
Is there a payment plan shorter than 10 years?
My plan is to try and pay off my balance in 5 years or less (around 140k). If the answer above is yes, is there a net difference in what is coming out of my pocket between selecting 5 years and paying it off, or selecting 10 years and still paying it off in 5 years?
I'm thinking yes, since when we determine a payment plan, the interest is calculated ahead like with a house, but I honestly have no clue.
Thanks for any input.
Is there a payment plan shorter than 10 years?
My plan is to try and pay off my balance in 5 years or less (around 140k). If the answer above is yes, is there a net difference in what is coming out of my pocket between selecting 5 years and paying it off, or selecting 10 years and still paying it off in 5 years?
I'm thinking yes, since when we determine a payment plan, the interest is calculated ahead like with a house, but I honestly have no clue.
Thanks for any input.