Can save money consolidating my student loans
But that doesn’t mean consolidation is always a smart move.
Click here for the current Verizon Fi OS promotion codes and promos to see if you can save more money every month from now on.So, for a simplified example, if you have two loans, one for ,000 at 4% interest and one for ,000 at 6%, your consolidated loan will have a ,000 balance and a 4.7% interest rate.By combining your interest rates, you also lose the ability to employ a favorite tactic of financial planners for paying down debt: targeting the most expensive debt, the loan with the highest interest rate, first.Repayment isn’t the only way to eliminate student loans, however. Each program offers different options in terms of how much of your loans it will pay back, and repayment from certain programs is only available for specific types of loans.Here are a few others ways you can eliminate that debt.
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Borrowers who graduated before 2010, when the government shifted to Direct Loans, for example, need to consolidate their loans to access the latest income-driven plan, Revised Pay As You Earn.