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Okay maybe $100k in student loans is not that bad...Is this really the starting pay??

By PNKGIRL25
in California

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Super Duper

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That's what I thought and it's what I stated in my original question. I was confused when someone said in this thread that you couldn't prepay on the principal. My plan has always been to make extra payments and get it paid off quickly.

 

Some loans penalize early repayment. However, no matter what it is usually beneficial to eliminate debt early even if it doesn't reduce the total amount of interest paid. Unless you find an investment that reliably will provide a return higher than your interest rate after taking taxes into account.

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Newbie

Super Duper

Posted
Posted
That's what I thought and it's what I stated in my original question. I was confused when someone said in this thread that you couldn't prepay on the principal. My plan has always been to make extra payments and get it paid off quickly.

 

Some loans penalize early repayment. However, no matter what it is usually beneficial to eliminate debt early even if it doesn't reduce the total amount of interest paid. Unless you find an investment that reliably will provide a return higher than your interest rate after taking taxes into account.

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Newbie

Super Duper

Posted
Posted
That's what I thought and it's what I stated in my original question. I was confused when someone said in this thread that you couldn't prepay on the principal. My plan has always been to make extra payments and get it paid off quickly.

 

Some loans penalize early repayment. However, no matter what it is usually beneficial to eliminate debt early even if it doesn't reduce the total amount of interest paid. Unless you find an investment that reliably will provide a return higher than your interest rate after taking taxes into account.

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jts

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LOL!!! Hi jts. I bet huh? When I read your post I thought about (and Im going to date myself so the reference may not mean anything to anyone) a 70s TV show called "Green Arces"....

 

LESH, I guess I'll date myself as well, because I used to watch "Green Acres"!!!

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jts

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Posted
LOL!!! Hi jts. I bet huh? When I read your post I thought about (and Im going to date myself so the reference may not mean anything to anyone) a 70s TV show called "Green Arces"....

 

LESH, I guess I'll date myself as well, because I used to watch "Green Acres"!!!

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