What is this horseshit? Almost $2k in interest this year and it will not even let me throw money against the principal.

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[–] 2 points 2 months ago* (last edited 2 months ago) (3 children)

So by those numbers, if you will owe another 30k next year, and this time you have 6k to pay it off, you should put your 6k fully towards the 30k of new loan, and nothing towards the 26k you owe in loans. That's why they lock you out from paying the loan, they're forcing you to make the mathematically optimal choice, unless you happen to be on the verge of paying 100% of your tuition each year.

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  • [–] 1 point 2 months ago (2 children)

    I'll agree that ensuring you borrow the least possible is best (I misunderstood what they were saying in the previous comment).

    But I do not believe loan offices were thinking about public service when they made the decision to prevent paying off interest. If they were, they probably wouldn't be accruing interest while you're still in actively enrolled.

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