I currently have 2 Direct Sub Consolidation Loans, both at a fixed 5% rate. These loans are through Fed Loan Servicing.
Loan 1
Principal: 4,346.49
Unpaid Interest: 654.73
Payment: 45.86
Loan 2
Principal: 2,535.61
Unpaid Interest: 445.76
Payment: 25.66
I am unsure as to where it gets those payment amounts from, I previously qualified for an IBR plan years ago, but ended up putting it into deferment. I do see it asks me to re-certify. Are those payment amounts still based on the IBR or are those what I can expect to pay when I come out of deferment?
I believe my loans come out of deferment in March. I'm terrible at math - what would I need to pay per month until then to at least keep the interest from accruing? Is it just 5% of the principal each month? Any help would be great appreciated!
I currently make ~48k a year, with total bills in the ballpark of 2k a month, leaving about 900/950 a month extra. Should I put be putting down 25% of what is left over towards these loans?
Edit: Thanks to the AutoMod, I just found the StudentLoans.gov estimator. I have these options - which do you think is best? Could I pay a little extra each month to help cut down on the interest accrued? Should I even bother?
Standard Repayment - 120 Months, 85$ / mo, Total Paid: 10,159
Income Contingent Repayment - 149 Months, 69$ - 74$ / mo, Total Paid: 10, 754
Edit 2: Additional debt: 12,193.53 at 11.99%, 9,855.31 at 12.95% This has pivoted into advice on my finances as whole, thank you for all of your advice!
Submitted November 06, 2018 at 09:12AM by Beck_ https://ift.tt/2PcDAhF
