So..Student loans... I have so many questions about interest, and repayment... help?

Question

1. Does interest acrue while in school? Does it not acrue until after I'm out of school?

2. Let's say after I graduate I have $30,000 of debt with interest acrueing.....and I am on a 15 year repayment plan with $166.60 + interest payments a month.... What if I have an awesome job and I start paying like triple the amount of my monthly bills... would I be able to cut down on how much I have to pay back in the long run? I mean...well what I'm trying to say is... if pay back my 30,000 of loans with interest in half my payment time...would I still have to pay interest as if I was on a longer repayment time?

Answer 1

Yes, interest always accrues while you are in school.  However some loans (Subsidized Stafford Loans) have the benefit of the government paying the interest while you are in school.  Here is a good book about loans and the interest amounts and maximums you can borrow.

Answer 2

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