Early Repayment

[Amxcvbcv]

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Are there any penalties for paying your Stafford Loans back on an accelerated schedule?

I figure with the current credit market, the banks will just be happy to get the principal back. 😉

 

[Doctor Bagel]

Are there any penalties for paying your Stafford Loans back on an accelerated schedule?

I figure with the current credit market, the banks will just be happy to get the principal back. 😉

Nope, no penalty for paying early on the governmental loans. One thing to watch out for is if you set up an automatic payment schedule that has you paying more than the minimum, make sure your lender is putting the extra toward the unsubsidized loans instead of splitting it between sub and unsub. I got burned by that one before.

 

[Amxcvbcv]

Nope, no penalty for paying early on the governmental loans. One thing to watch out for is if you set up an automatic payment schedule that has you paying more than the minimum, make sure your lender is putting the extra toward the unsubsidized loans instead of splitting it between sub and unsub. I got burned by that one before.

Good tip.


Now why did I come over to this forum, when I could have just stuck to my usual thread? 😉

 

[Doctor Bagel]

Good tip.


Now why did I come over to this forum, when I could have just stuck to my usual thread? 😉

Because it's exciting to check out all the cool stuff SDN has to offer. 😀