Consilidating student loans

There are times when it smarter to pay off other loans before student loans — if you have other debt with a higher interest rate, pay that down first, and it’s a very good idea to build an emergency fund of at least

There are times when it smarter to pay off other loans before student loans — if you have other debt with a higher interest rate, pay that down first, and it’s a very good idea to build an emergency fund of at least $1,000 as you start paying down student loan debt.But other than that, it can be really helpful to pay off your student loans as soon as possible. Follow the suggestions below to help speed up your student loan repayment.

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There are times when it smarter to pay off other loans before student loans — if you have other debt with a higher interest rate, pay that down first, and it’s a very good idea to build an emergency fund of at least $1,000 as you start paying down student loan debt.

But other than that, it can be really helpful to pay off your student loans as soon as possible. Follow the suggestions below to help speed up your student loan repayment.

,000 as you start paying down student loan debt.

But other than that, it can be really helpful to pay off your student loans as soon as possible. Follow the suggestions below to help speed up your student loan repayment.

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Your debt could increase thanks to accruing interest.

And if you have federal loans, the government can add fees or even garnish your wages, forcing your employer to withhold money from your paycheck and send it directly to the government.

“This sort of hands-on touch is clearly different from other lenders,” says Joseph Toms, president and chief investment officer at Freedom Plus.

Freedom Plus can be a good fit if: Nerd Wallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar A typical Freedom Plus borrower, according to Toms, is in his or her mid-40s, with good credit, looking to consolidate credit card debt into a single fixed-rate loan.

These are just a few of the issues to keep in mind when students, or former students, are contemplating consolidation.

Paying back your student loans can be intimidating. It might take time, yes, and probably determination. But making that plan is just one of the things this article will help you do — and it will also give you the tools to move from having thousands of dollars of student debt to being debt-free.Lenders don’t usually consider retirement assets as a factor when approving loans, “but we believe in planning, and we will reward borrowers [who have retirement asset plans] with a lower rate,” Toms says.For example, if you have retirement assets of roughly ,000 or more, your rate could drop by two to four percentage points.If you pay it off in five years, you’ll save ,993. Or, depending on where you live, a full year or two of rent.Getting rid of your student loan debt also gives you a lot of freedom — the freedom to take a lower-paying job that you care about more, the freedom to travel, even the freedom to take on other “good” debts — like a mortgage for your first house.Achieving any goal requires determination and a feeling that — and, really, you can.

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