How to Pay Your Student Loan: The Strategy

What are those techniques? If you can. I know you mentioned there were like for real, I’m finna go through them one by one. And there are basically four major repayments solutions. There’s private student loan refinance with a private lender where basically forfeit all your federal program benefits and you refinance it, hopefully a better interest rate.

Otherwise it doesn’t make sense doing it, but of course it’s like, you may have a higher payment because it’s a shorter term. Typically lenders will offer you a lower interest rate, but they’ll on the condition that you can afford. The payment that will create a seven or 10 or 12 or 15 year term instead of the 25 year term, sometimes associated with student loans.

And there’s also, if you work for nonprofit, of course, public service loan forgiveness is its own juggernaut is very nuanced and complicated and understanding how. Program works and whether it’s worth pursuing and its reliability, those are all issues that come up. That would be the second one. The third thing would be to, if you don’t qualify for the nonprofit forgiveness, you public service loan forgiveness for government income driven plans, which are either 20 or 25 years long.

All the way through to the end until you received the forgiveness there, or another solution would be the fourth option would be payment targeting or unorthodox method of putting some of the loans at a zero payment and accelerating your payments on higher rate loans, that type of thing, or making your student loan repayment work around your other debt or other financial obligations.

There can sometimes be a mixture, uh, several different of those strategies at once, but refinance public service, loan, forgiveness, income driven plans, and. Payment targeting are the four major solutions and then how to incorporate that into your own financial objectives. And of course the more complicated.

 

And then of course, for a lot of us that work time is more valuable than money. You guys do all the paperwork.

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