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re: Student Loan payments restarting
Posted on 8/3/23 at 8:27 am to AUVet21
Posted on 8/3/23 at 8:27 am to AUVet21
quote:
If there is 0 interest there is no motivation to pay it off early. I might as well just put the minimum payment on autopay and let it run for however long it takes and use the money I’ve saved for other stuff
wtf. you had a 3 year window to be paying aggressively on it while there was no interest and your conclusion was there was no incentive to pay more than the minimum requirement?
2
Posted on 8/3/23 at 8:35 am to bbap
quote:
wtf. you had a 3 year window to be paying aggressively on it while there was no interest and your conclusion was there was no incentive to pay more than the minimum requirement?
Why would someone pay down an unsecured loan at 0% interest with payments frozen? It make 0 sense. Having $75k sitting in a high interest savings account actually yields decent money right now. And there’s still some uncertainty about forgiveness/rate changes.
This post was edited on 8/3/23 at 8:36 am
Posted on 8/3/23 at 8:37 am to bbap
exactly, the incentive was 0% interest. the interest was always going to come back, its just a matter of when.
now if he truly saved aside the money he wasn't paying toward the loan and plans on putting it as lump sum to the loan then cool, but judging by his mindset of "i have no incentive to pay this loan at 0%" i highly doubt it.
now if he truly saved aside the money he wasn't paying toward the loan and plans on putting it as lump sum to the loan then cool, but judging by his mindset of "i have no incentive to pay this loan at 0%" i highly doubt it.
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