Can I repay all my subsidized loan at once?
Question by Sayyem: Can I repay all my subsidized loan at once?
Let’s say that the repayment period starts, but I have enough money to repay all my loan at once. If I follow the repayment plan, they would get more money out of me at the end because of interest. So, repaying all my loan at once would cost me less. But the question is would I be able to do that or not?
Best answer:
Answer by dawncs
You should do it if you have the cash or the savings. If you have to take another loan, it would be a bad idea if it was not a tax deduction such as a credit card or a personal loan. You could make extra payments to your student loan no matter what to decrease the amount of it if you had the cash or not. The only problem is that if you start saving for it while in college that it could be held against you the next year when you complete the FAFSA form. Your income and savings counts at a higher rate than your parents in the formula used to grant financial aid.
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Categories: Loan Questions Tags: loan, Once, repay, subsidized
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