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loan payoff with pslf

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  • Avatar financemd815 
    Participant
    Status: Physician
    Posts: 9
    Joined: 01/13/2019

    i have federal loans and am hoping for PSLF after 5 more years, has anyone paid off one of the individual loans through fedloans and if so does that place you in pay ahead status automatically? I was thinking of paying of the smallest 9k loan to reduce the balance a little, it gets a little daunting seeing interest on 300k increase by 20k every year, I know this is frowned upon due to not maximizing forgiveness but just curious

    #239420 Reply
    Avatar HandFellow 
    Participant
    Status: Physician
    Posts: 199
    Joined: 01/18/2016

    If you are nervous about the compounding interest, pay off all the loans.  The 9k loan is the least of your problems.  If you want PSLF, why would you pay off any of the loans?  that doesn’t make sense

    #239421 Reply
    Avatar wa2106 
    Participant
    Status: Physician
    Posts: 184
    Joined: 11/29/2017

    Are you sure you have consolidated correctly where your payments count for PSLF?  I thought that once you consolidated you only had one loan with a blended interest rate.

    #239437 Reply
    Liked by jhwkr542
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1312
    Joined: 02/15/2016

    You should just stash the money in a side account if you’re that worried. Just invest aggressively, assuming you probably won’t need the cash for loans.

    #239470 Reply

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