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The Watercooler
paying off student loans early
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<blockquote data-quote="Nancy" data-source="post: 618541" data-attributes="member: 59"><p>Not if it's a Dept of Education loan. You just keep paying ahead and it will be paid off early, no penalty. But you have to make sure you pay every month because it will look like you don't owe anything the next month. The interest is a fixed amount every month/day. If you pay it off two years early you do not pay the interest for those two years. This applies to a standard repayment plan. If you have any other type of repayment plan like income based or graduated then the rules are different.</p></blockquote><p></p>
[QUOTE="Nancy, post: 618541, member: 59"] Not if it's a Dept of Education loan. You just keep paying ahead and it will be paid off early, no penalty. But you have to make sure you pay every month because it will look like you don't owe anything the next month. The interest is a fixed amount every month/day. If you pay it off two years early you do not pay the interest for those two years. This applies to a standard repayment plan. If you have any other type of repayment plan like income based or graduated then the rules are different. [/QUOTE]
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paying off student loans early
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