How do I successfully pay back a 50 grand college loan?
Posted by StudentLoan on July 28th, 2010 | 1 comment
I know it is the lot, though im stranded with it. we instruct we could have done the improved choice. we still have to behind it behind in about the year as well as the half as well as we am disturbed about it. How can we successfully do this? Advice? Tips? Dos? Donts? Any a single with experience?
Comments
get a excellent job and pay on it every month. dont ever be late or miss payments. always try and pay more than the minimum that is due as it will decrease the amount of interest and the total amount that you end up paying in the long run.
dont go for the 20 yr plot, the lenders like that cause they will clean up in more interest the longer it takes you to pay back the loan.
if you start missing payments they will add on fees that will further increase the amount you owe. you can not file bankruptcy on student loans so you are certainly stuck with paying it one way or another.
consolidate only if you are going to get a lower interest rate.
pay off the loans with the highest interest rate first
I had 80,000 in loans that I started paying on about 7 yrs ago. interest ranged from 5-10%; I was able to consolidate them through sallie mae to a 3.75% but those days are gone.