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How to pay off loans with least amount of interest

Started by mbtd85, May 11, 2017, 08:52:18 am

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mbtd85

Hello,

I have $70,000 in direct government student loans.  I want to pay them off as quickly as possible to avoid paying more interest than I have to.  Should I consolidate and if so, should I chose standard repayment or use an income based repayment plan since that would have me make a higher payment very month and therefore hopefully allow me to save a lot on interest?

Thanks!

TheCollegeInvestor

Consolidation does nothing really for your loans except make it potentially easier to manage. If you want to pay off your loans without paying extra interest, you want the Standard plan and make extra payments towards them.

If you want to see your options, look at the repayment estimator and compare plans: https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action