What’s The Best Way To Pay Off Student Loans?
okay, these loans have been consolodated through “Direct Loans” “US Dept. of Education”, we pay on it every month but the interest is killing us! Is there a such thing as transferring this debt to some place more affordable?(Loan totals $22,000.00). I just need to know if the way we are currently paying it is the best/smartest/only way to go.
thuggd_o said
am January 10 2010 @ 12:32 am
money
rosekm said
am January 10 2010 @ 3:51 am
Everyone wants to consolidate federal loans, because they are guaranteed to get paid. However, the interest rates are based upon a federal calculation, so there wouldn’t be much change if you consolidated. It is worth looking into since even a fraction of a percent can make a difference, but I wouldn’t expect much. You should be getting mail from lenders almost every day. I’ve been out of school for years and I consolidated just before I left (you can only consolidate once) and I still get the notices every week. The only way to pay them faster is the same way you would pay anything else. You have to pay extra every month. There is no magic fairy that will pay the loan for you.
Jackshit said
am January 10 2010 @ 5:57 am
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$…
robert w said
am January 10 2010 @ 9:12 am
Brie G,
this answer is not PC.
get a budget. cut all the frivilous things people say u ‘must’ get. get a second jobs u and your second needs second job unless you like slavery to debt. a second job could have u out of slavery in less than 3 yrs OR u could be like most Sallie Mae slaves. get it done before u get a name on it.
visit daveramsey.com to learn what colleges and credit slave cards pray you never ever learn or worse apply.
how to own your money not be owned by it.
this is not what ‘smart’ broke people want u to believe. of course they believe in the government knows best for u. ;-}
mortgages Spain said
am January 10 2010 @ 10:05 am
There are outfits which you can refinance your debt and pay less interest, but be very careful who you deal with.
lunatic said
am January 10 2010 @ 2:30 pm
If you have equity in your home, then transferring the debt there might allow you to claim a tax deduction.
oldsofte said
am January 10 2010 @ 2:33 pm
depends on interest rates. How much are you paying now? Can you get a better rate somewhere else? Can you afford to pay a little more each month, because if you can, the extra amount will pay directly to the principal.
Can you IM or email me so I can povide a better answer.
call me Mr. debt free
mjaple said
am January 10 2010 @ 2:49 pm
Shop around for the best consolidation deals. Sometimes it’s even best to get a bank cash loan to pay off the debts. The interest is usually lower.
Alex K said
am January 10 2010 @ 6:55 pm
Yes there is. Visit the below website to comparison-shop
Cileg said
am January 10 2010 @ 8:10 pm
Not idea but I have found this article for you.http://www.vancouverfinder.org/business/…
Looks like you can reduce the payment by 65% but check the terms and conditions…
Hope this helps,
Jon C said
am January 10 2010 @ 10:19 pm
Get one more loan, and put it in the bank as a CD (certificate of deposit), so while you are in school it Will be increasing, and when you get out you will able enough to pay back the original loan and some extra to help you pay off the others!
Derrick Zooolander said
am January 11 2010 @ 2:51 am
take your time!!!!!!!!!!! there is not interest and it helps your credit to keep it going…+ you get tax right-off for all the money once that is gone you pay a lot more taxes!!!!!!!