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Hello, kind of a specific question I can't find an answer to (have an email out to fed loan but thought I'd also ask here)
If you have multiple loans from different time periods in your life from fed loans, all the same servicer, do you have to pay the interest on ALL of the loans before you can pay principal on them? Or do you only have to pay down the outstanding interest on the loan you want to pay off before you can pay towards the principal?
Situation is that I did a masters degree in 2017-2019 with ~30k debt while I was in residency. My med school loans are ~210k. After residency/fellowship I am on track to get PSLF for the med school loans though and have a job at a nonprofit and meet all other criteria in about three years, however, I really doubt at my income level that I'll get PSLF on the masters program which I will only have two years PSLF credit for and I just want to pay off those two sets of loans from 2017 and 2018. That said, the outstanding interest on *everything* is 35k so if I have to pay 35k in interest to be able to get to the 30k principal on the masters it makes way more sense to just wait for PSLF to kick in on the med student loans and then circle back to the masters in 3 years.
Would rather pay off debt though if able on the masters.
If you have multiple loans from different time periods in your life from fed loans, all the same servicer, do you have to pay the interest on ALL of the loans before you can pay principal on them? Or do you only have to pay down the outstanding interest on the loan you want to pay off before you can pay towards the principal?
Situation is that I did a masters degree in 2017-2019 with ~30k debt while I was in residency. My med school loans are ~210k. After residency/fellowship I am on track to get PSLF for the med school loans though and have a job at a nonprofit and meet all other criteria in about three years, however, I really doubt at my income level that I'll get PSLF on the masters program which I will only have two years PSLF credit for and I just want to pay off those two sets of loans from 2017 and 2018. That said, the outstanding interest on *everything* is 35k so if I have to pay 35k in interest to be able to get to the 30k principal on the masters it makes way more sense to just wait for PSLF to kick in on the med student loans and then circle back to the masters in 3 years.
Would rather pay off debt though if able on the masters.