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Covid 19 Forbearance and Principal Payoff
July 15, 2020
12:57 pm
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I’m trying to help my SO get her student loans paid down. They are Federal Stafford Loans serviced through myfedloan.org. I’m trying to figure out if she can make payments strictly on the principal while the forbearance is active. I read one blurb through googling that said you could pay principle only this time if your past interest is paid up. I’m just trying to figure out a way to take advantage of the interest freeze and get her debt paid down.

Thanks,

Dan

July 23, 2020
6:20 pm
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Your research is correct.

So long as the account doesn’t have any outstanding interest or fees, any payments made now should count directly towards the principal balance.

However, you might want to hold off on making those payments until we get closer to the end of the rate freeze. My reasoning is here: https://studentloansherpa.com/you-shouldnt-pay-extra/

August 3, 2020
6:39 am
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Thanks for the reply. It’s telling that the $10000 forgiveness changed its initial plan.
Of course it can be counted on republicans will not willingly vote on something that will hep individuals.

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