• Yosi Rahimi

Do I have to pay the minimum payment or can I pay more towards my student loan?

The minimum payment on your student loan is the least amount that you need to pay in order to stay current on your loan. You can pay more as much as you like.


J. from New York, $31.5K of student loans debt

J. has recently graduated from college, and landed a good paying job. Her current monthly payment using the standard repayment plan is about $340. However, J. has decided that she want to become debt free and used MoneyCompass to calculate the optimal repayment plan for her. As a result, we've calculated that J. could halve her repayment period from 10 years to just 5 years and save $4,000 on interest payments, by raising her monthly payment to $600.


J. is on the right path to financial health, how about you?


Want to become debt free faster? Money Compass allows you to easily find the best repayment plan to fit your goals. Click here to give it a try


Have a specific question regarding your loans? Send it to FreeAdvice@moneycompass.io

#studentloans #studentdebt #repaymentplans

MC_Logo.png

For users

FAQ
Glossary

Legal

T&C
Privacy
app-store.jpg
google-store.jpg

Connect

Contact Us
  • Instagram
  • LinkedIn Social Icon
  • Facebook

Money Compass is not endorsed or affiliated with the U.S. Department of Education or a specific higher education institute

 

 

Copyright Money Compass Inc 2020. All rights reserved