2+ Year Member
Feb 3, 2016
  1. Pharmacy Student
Hello! I recently just started a fellowship and after doing my deferment paperwork was wondering if anyone more savvy could help me figure out a few things regarding my loans. I currently have about 150,000 in federal loans with an avg interest rate of about 5.8%. While I am deferring these loans for two years I will accrue about $17,000 more in debt. Can someone help me figure out how much I could prevent accruing if I pay like 200 bucks a month or so to try to keep the interest down? Is doing something like that even going to make a dent? I make about 45,000 during the fellowship so I don't have too much to work with every month, but would like to do something. Thanks in advance for your help.


10+ Year Member
Dec 14, 2006
  1. Pharmacist
Unfortunately $200 doesn't cover all of the interest, so it will just reduce it by $200 x 24 mo = $4,800, and you will still accrue around $12k.

You estimate the interest like this:
$150,000 x 0.058 = $8,700/yr or $725/mo in interest.
So you would have to pay at least $725/mo to prevent the interest from accruing, and before you can even start paying down the principal balance.
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Abby Atwood

2+ Year Member
Jan 4, 2017
  1. Pharmacist
Just a tip, you can pay off your loans by group. If you have one loan with a mid to low 6% interest, you could focus on that one and wait on the loans with mid to low 5% interest rates. It probably won't make a huge difference, but every little bit helps.

For people not deferring loans, keep an eye on due dates for individual loans if you plan to do this.
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7+ Year Member
Jan 19, 2013
  1. Pharmacist
Look into repaye, it will pay off 50% of your unpaid interest and 100% of the subsidized loans interest (may have received in undergrad but no longer available to grad students due to Obamacare). Also your interest doesn't capitalize until you switch payment methods.
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