Hi there! I'm 25 and have about $20,000 left in student loans. Never refinanced. My monthly payment is $320. I bought a home last June (2018) for some context. Prior to that, I ALWAYS paid double for my student loan payment ($640), because I had the excess cash, had a stable savings, and maxed my 401k.
Now, I had some work to do on the house and my savings is down from 10k to 1.7k. I have no credit card debt but I pay it off each month.
Doing some math, I'll have to pull from savings to pay my monthly $320 on student loans even though I'm paid ahead by like a year and some.
If I just don't pay a month, does that hurt my credits core? Or should I continue to pay off $320 even though I'd be pulling from savings for (at least) this month.
EDIT: My loan provider is GreatLakes and this is what it says: Paid ahead until 8/15/2020.
Also this is what shows up under FAQs of paid ahead:
- You won't be considered past due if you were to stop making payments or paid less than your full scheduled monthly payment, but only until you're no longer paid ahead.
- It's best to continue making payments in order to stay on top of the accruing interest and prevent any loans from becoming past due (delinquent).
Submitted February 25, 2019 at 01:04PM by chargingblue https://ift.tt/2tDGWgb
