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My wife finished grad school about 8 years ago from a private university, in which she took out significant student loans to pay for. We have been paying extra on her loans in order to pay them off faster. Recently, I discovered that my wife, over the life of her loans, has had about $54,000 in interest capitalize! Since the time she had to start repaying her loans, she has never missed a payment. However, it seems like that payment was never enough to pay off the interest that had been/was accruing and so it eventually capitalized. She had Stafford loans, both subsidized and unsubsidized and Graduate Plus. Last year, she consolidated all her loans though.
Question: Is there anything I can do about getting rid of the capitalized interest and not have to pay it? She says she was never made aware of the capitalized interest issue but I imagine somewhere in the fine print of whatever she signed back then it stated that interest may eventually be capitalized. Any advice? Anything I can do?
Thanks much