How do I successfully pay back a 50 grand college loan?
Thursday, June 3rd, 2010 at
6:45 pm
… asked:
I know it is a lot, but im stuck with it. I wish I could have made a better choice. I still have to back it back in about a year and a half and I am worried about it. How can I successfully do this? Advice? Tips? Dos? Donts? Any one with experience?
I know it is a lot, but im stuck with it. I wish I could have made a better choice. I still have to back it back in about a year and a half and I am worried about it. How can I successfully do this? Advice? Tips? Dos? Donts? Any one with experience?
Tagged with: Advice Tips • College Loan • Lot
Filed under: Student Loans
Like this post? Subscribe to my RSS feed and get loads more!
get a good 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 plan, 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 definitely 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.