Are loan repayments capped at a maximum amount per month?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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beach_terror
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Joined: Tue Dec 01, 2009 10:01 pm

Are loan repayments capped at a maximum amount per month?

Postby beach_terror » Mon Mar 29, 2010 4:21 pm

So I'm a total financial noob. I'm trying to attend law school near the market I want to work in, and it's where my family is from. The question is simple, lets say I take out 150k for loans. Now my parents would have no problem with me moving back home after law school, so could I do that and just essentially devote every dollar I make to paying off my loans at an accelerated rate, then eventually move out after I take care of my debt? Or do you have a monthly maximum payment, so the banks can make more cash money off you?

Sorry if it's a dumb question, but If I can do this.. debt isn't going to be nearly as big a factor in my law school selection. (And yes, this is assuming I land a job that's commutable, which I'm pretty sure will be a safe bet).

AsylumPB
Posts: 113
Joined: Tue Jan 26, 2010 7:30 pm

Re: Are loan repayments capped at a maximum amount per month?

Postby AsylumPB » Mon Mar 29, 2010 4:22 pm

You can pay them back as fast as you want. /thread

Z3RO
Posts: 526
Joined: Thu Sep 03, 2009 11:57 am

Re: Are loan repayments capped at a maximum amount per month?

Postby Z3RO » Mon Mar 29, 2010 4:23 pm

My understanding of Federal GradPlus loans is that there is no "ceiling" for how much you pay back each month.

If you won the lottery, you'd be able to pay off all your debt at once (not that you'd necessarily want to).




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