✦Debt · 10 recordsPay off student loans

Student loans behave differently from other debt depending on where you borrowed, and overpaying is sometimes the wrong move entirely. So the first project is understanding the actual terms, and only then does the repayment plan get built.

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✦ Everything it creates

The whole plan, before you install it

Goal

Decide, then act on the decision Month 6

Overpaying is sometimes wrong. This checks before committing.

Understand the terms Week 6

The whole point. Student debt does not behave like other debt.

  • Find the rate, the repayment rule and any write-off dateDo firstDay 10
  • Work out what I would actually repay if I did nothingDo firstWeek 4
  • Decide whether overpaying is worth it, and write down whyDo firstWeek 6

Act on it Month 6

Whichever way the arithmetic pointed.

  • Set up the overpayment, or redirect the money elsewhereMonth 2
  • Review it once the income has changedMonth 6

Routines

  • Check the balance and rateweekly
✦ It comes with a note

Check before overpaying

Depending on the scheme, the rate and whether the balance is eventually written off, overpaying can cost money you would never have repaid.\n\nThat is the whole reason this is a separate template from the debt payoff one. That plan assumes clearing the balance is the goal; this one tests it first.

✦ Questions

Pay off student loans, answered.

Sometimes not. Depending on the scheme, the interest rate and whether the balance is written off after a period, overpaying can cost money you would never have repaid — which is why understanding the terms is the first project here.
The interest rate, how repayments are calculated, whether there is a write-off date, and what happens if your income changes. Those four answers determine whether the rest of the plan is worth running at all.
That one assumes clearing the balance is the goal. This one tests that assumption first, because student debt is the common case where the arithmetic can point the other way.
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