My wife and I carry a little over $375,000 in student loans, set to start payments in 1 month on a 30 year plan. No private loans.

I have one question:
1. As I understand it, standard repayment plans apply across all the loans. Our loan rates span from 2.x% to 7.x%. Would it be an advantage to apply for IBR to lower the required payment, then still make the same payment amount we would have under standard repayment, but to apply the “extra payment” towards the higher percentage loans?

Thank you.

I’m sorry but I can’t advise you about your specific question.  Here’s some general info that might be of interest:

In general, repaying higher interest rate loans more quickly than lower interest rate loans can be an effective strategy to reduce costs over time.  Borrowers are permitted to pay more than the calculated monthly payment due under IBR and other repayment plans without penalty.  Be aware that there are rules about how the “overpayment” is applied.  Under IBR, it goes first to any accrued but unpaid interest, then any outstanding fees, and lastly to principal.  Borrowers who want to pay down principal MUST direct that their payment be applied to principal IN WRITING. Loan servicers will have lots of opportunities to misapply payments when you have lots of different loans and you are wanting to target your repayment so follow up to make sure it’s processed correctly.