If you're going to do that and you don't think forgiveness is coming, it makes more sense to pay back instead. Payments you make now will go towards the principle rather than the interest.
AFAIK the interest hasn’t stopped accumulating, so the payments you make now would have the normal balance of interest and principal. But, I think the point Orannis62 is making is that the interest is outpacing what you’d get in a saving account, so you might as well keep making payments. But if forgiveness comes you’ll be sayin “but I paid my loans”
Although that means if you save it up, and they are actually about to restart the loan, you can dump all of it and it all goes into principle. I think the waiting and saving strategy is good.
If you're going to do that and you don't think forgiveness is coming, it makes more sense to pay back instead. Payments you make now will go towards the principle rather than the interest.
Because if it does get cancelled, we get to keep all that money
idk if student loans work too different from mortgages, but wouldn't any amount paid above what's due in a given month go towards principle anyway?
AFAIK the interest hasn’t stopped accumulating, so the payments you make now would have the normal balance of interest and principal. But, I think the point Orannis62 is making is that the interest is outpacing what you’d get in a saving account, so you might as well keep making payments. But if forgiveness comes you’ll be sayin “but I paid my loans”
It has. Otherwise they aren't really paused and you would be fucked over if you didn't pay for two years.
Well I’ll be damned, I assumed they were fucking everyone over. Thanks.
Wait what the fuck, really?
I was wrong, it’s also paused.
Isn't the interest on hold? or...
Yeah, that's the point. Because the interest is on hold, any payments made now go towards the principle.
Although that means if you save it up, and they are actually about to restart the loan, you can dump all of it and it all goes into principle. I think the waiting and saving strategy is good.
That's a good point.