With student loan forbearance set to end at the end of January I am planning to pay off the high-interest portion of my total loans (about 20% of the total amount).
Ideally I would like this payment to lower the total monthly payment, by my calculations it will go from 650 -> 500. My assumption is that mid-January the loan servicer will send a bill based on a repayment schedule for the full 75k, but I'd like to knock that number down to 60k and keep the duration of the loan (resulting in a lower monthly payment). My concern is that if I do this too late, I will be stuck with the higher monthly amount and just pay it off sooner.
Has anyone done this successfully, and if so, any advice on how to accomplish this?
TIA for any advice!
Submitted October 27, 2021 at 09:10AM by Hometa1881 https://ift.tt/3w2J3d7
