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Would my student loans go down if I pay extra above the SAVE payment amount? Would the extra money in payment go directly to the principal?
Would my student loans go down if I pay extra above the SAVE payment amount? Would the extra money in payment go directly to the principal?
Abbey Johnson, Helping with Student Loan Documentation
Answered on September 25,2023
Answered on September 25,2023
Yes, the extra payments would go toward principal.
Guide
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Ultimate Guide on SAVE Plan - Payment Calculation, Interest, Forgiveness
Under the Saving on a Valuable Education (SAVE) plan, a single borrower who makes less than $15 an hour will not have to make any payments. Borrowers earning above that amount would save mor..  Click here to get a detailed guide
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