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