So with the forbearance period about to end in August, and midterms in November, it looks like the rubber is going to meet the road here soon and I don't know what to expect come the fall. So as an example, I have a balance of 29k spread out over 6 loans, none with an individual balance higher than $9600. Assuming 10k is forgiven by executive order, does that mean it's a clean 10k cut across your total balance, and it leaves all the loans in place (10,000/number of federal loans outstanding)? Would we have the option to appropriate that 10k however we choose? Would it try to fully pay off as many loans as 10k will allow?
I'm just curious as to what the best option is not just for my monthly payments, but more importantly what impacts it would have on my scores if that 10k paid off say, 2 or 3 of my loans in full.
I know this is all hypothetical and might be getting a bit ahead of myself, but curiou as to what others think will/could happen.
