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coalbe923
LSU Fan
New Orleans
Member since Feb 2011
139 posts

Lump Sum Payment on Student Loans?
I owe 57,000 in federal loans at 6.8%

I have been in the Public Student Loan Forgiveness program for approximately 3 years.

I am getting married, and once our incomes are combined my repayments go from 280 a month to the full rate of 700 a month. I've essentially been making interest only, or less, payments every month.

I am not sure where my next career move will take me (public or private sector).

I have some savings that I could put toward a lump sum payment to start paying this down and make monthly payments more manageable once we get married. If I put 15k down they appear to go to about 500 a month, more from there.

I am considering putting a lump sum down so that we 1) pay less interest over time and 2) hopefully pay them off faster.

I feel like I am missing something here. Would this be wise?



tigeralum06
LSU Fan
Member since Oct 2007
1954 posts

re: Lump Sum Payment on Student Loans?
Don't make a large payment if trying to do loan forgiveness. That would be a waste of money. You and your spouse can file mfs to keep your repayments based on only your income.


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wfallstiger
LSU Fan
Wichita Falls, Texas
Member since Jun 2006
5826 posts

re: Lump Sum Payment on Student Loans?
We owed a sizable amount, ParentPlus loan, paid it off just to be safe (debt free, didn't wish to compromise retirement). Part of me is pleased, part of me is ticked. College was a private, for profit


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