Coming off SAVE, repayment options
As with many of you, I got the notice that SAVE is ending and with it, my current forbearance and deferments. I have been lucky enough to have some disposable income and have been making $500 payments (just a bit over the interest accrual) during this time. I’ve been looking at some of the repayment options and most of the 10yr plans are out of my budget for monthly payments. Is it a wise idea to go on the extended graduated payment plan but pay more than the monthly payment in order to pay this off faster?
For info, my loan balance is $86k with avg interest of 6.3%. All federal loans and all my private loans have been paid off. I dont work a public sector job and dont intend to as well.
I do have my own excel sheet that I made to keep track of loan schedule where I try to make aggressive payments that I can afford. However, that current schedule is putting all of the payment amount into a single loan whereas the repayment options will most likely distribute the payments across all my loans.
Any advice would be highly appreciated!