I had been on the graduated repayment plan until the student loan freezes stopped. Since they will be coming due soon, I was taking a look at the payments and the amounts I have left to see if it made sense to switch back to standard repayment but I noticed the Great lakes calculations for the graduated plan seems incorrect when I do the math. I am hoping someone else can make sense of it.
This is what great lakes says under graduated payment plan:
Total Balance as of now ~ 17,500
Total estimated to repay ~ 19,300
Payoff Date ~ jan 2026
Final payment ~ 360
Payment schedule –
16 more payments of ~ $293
24 payments of ~ $360
16 * 293 + 24 * 360 = $13,328
my repayment starts in oct because I didn’t stop my autopayment until a couple months into the freeze. so 40 months from oct gets me to Jan 2026.
But that total is much lower than 19,300. What am i missing?
The standard payment calculations is a lot closer to the total expected repayment.