Fed Financial

I want to pay off a Federal Student Loan (Direct Loan) in one year. Any restrictions? Do I have to pay min?

Public Comments

1. Yes you have a minimum payment amount. There are not penalties for paying off early.
2. No, there are no prepayment penalties on federal Stafford student loans. Based on your repayment plan, a minimum monthly payment will be assigned to you, but there are no consequences at all for paying more than that minimum payment (as their often is with other personal loans).