Quantcast

Repayment plan?

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

raidermedic

MS IV
10+ Year Member
5+ Year Member
Joined
May 30, 2005
Messages
287
Reaction score
1
I went with a graduated plan. This way I can be sure that I will not run into trouble with payments and loose my bonuses. Pllus there is no penalty for early payment so I could always pay the standerd amount and reduce the payments that way.
 

DireWolf

The Pride of Cucamonga
10+ Year Member
15+ Year Member
Joined
Mar 31, 2003
Messages
6,512
Reaction score
8
I chose the standard plan because it was most cost-effective for me.

But here's an interesting question:

Does your repayment plan effect your eligibility for deferment?

Economic hardship deferment (the most common type) is based on a formula that takes into account your monthly loan payment and monthly salary.

If you choose to have very small monthly loan payments for the first few years, wouldn't this potentially make you ineligible for economic hardship deferment based on the formula?
 

tlew12778

Senior Member
7+ Year Member
15+ Year Member
Joined
Nov 26, 2002
Messages
392
Reaction score
0
Standard bc it was the one that cost me the least.

But, I started out with interest-only. That was a total ripoff as I made 14 months of payments that did not touch principle at all.
 

MS05'

Senior Member
7+ Year Member
15+ Year Member
Joined
Sep 27, 2001
Messages
181
Reaction score
0
tlew12778 said:
Standard bc it was the one that cost me the least.

But, I started out with interest-only. That was a total ripoff as I made 14 months of payments that did not touch principle at all.

Will probably do the interest only payments and try to pay a little extra to chip away at that principle. The difference that I'd pay between the interest only and the standard payment is being split into my roth IRA and another mutual fund (both of which have a greater than 10% yield per life of the fund).
 

Nimmuk

Junior Member
15+ Year Member
Joined
Jun 17, 2005
Messages
9
Reaction score
0
MS05' said:
Will probably do the interest only payments and try to pay a little extra to chip away at that principle. The difference that I'd pay between the interest only and the standard payment is being split into my roth IRA and another mutual fund (both of which have a greater than 10% yield per life of the fund).

I am a first yr medical student who would love to invest in a mutal fund. Do you care to give some insight to what type of mutal fund you have?

THank you
 
Top