Sentences with phrase «lot more interest over the life of the loan»
The downsides of choosing the extended repayment plan are that you'll never be eligible for loan forgiveness as you would with the Pay As You Earn plan, and you'll end up paying a lot more interest over the life of the loan than you would under a standard 10 - year repayment plan.
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Unsubsidized loans do accrue interest during these times, which means that unsubsidized loans will cost you a lot more money over the life of the loan.
Extending the loan will lower your monthly payment, but it will also cause you to pay a lot more money in interest over the life of the loan.