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student loan?

jk j asked:


what is one supposed to do when s/he has a lot of student loan but s/he would like to work in some other country for a year or two? is that an option for people with student loans? the pay is another country may not be enough to pay any part of student loan

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herc asked:


This question not only applies to student loans but most loans in general, I’m assuming.

Here’s the problem: I have a consolidation loan for $25k with repayment to be completed in 20 years, leaving a total pay off balance of $35k. The question is: if I make more payments now, will this decrease the total pay off balance?

If this is true why doesn’t everyone get a consolidation loan (that way you can have the security of lower monthly payments, if you need it) but then make higher payments thus decreasing the life of the loan?

Basically, people say to not consolidate because you’ll end up paying more in the long run. But I want to counter act this by still having the security of lower monthly payments but make the higher payments when I can afford them, and yes I do realize this will ultimately make the original loan slightly higher depending on the frequency I make larger payments, but it will not be as high as if I made minimum payments for 30 years.

If anyone has any advice or similar stories please let me know.

Thanks!

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