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Will paying off my student loan in full stop the accrual of interest on it, or will interest still be added during the processing?
Will paying off my student loan in full stop the accrual of interest on it, or will interest still be added during the processing?
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Abbey Johnson, Helping with Student Loan DocumentationAnswered on September 25,2023
If you are paying off a loan (not making a payment but paying it off) you need a payoff amount. Interest accrues daily so even on the day you make the payment, there will be interest you may not see. So you can call or look on your servicer website to see what it would be, or do the calculation yourself. Or you can pay the current balance, wait, and then pay the interest when it shows up.
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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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