Achieving any goal requires determination and a feeling that — and, really, you can.Psyching yourself up about it sounds silly, but it can really help.These are just a few of the issues to keep in mind when students, or former students, are contemplating consolidation.
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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.
It’s also important to note that defaulting on your student loan can have serious consequences; in fact, not repaying student loan debt can be worse than not repaying other types of debt.
Defaulting on your loans can ruin your credit score, making it difficult to do everything from signing up for basic utilities to renting an apartment.
If you pay it off in five years, you’ll save $11,993. 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.
If you want to compare an offer from Freedom Plus with those from other lenders, click the button below to fill out a pre-qualification form.
Nerd Wallet will check its lender marketplace and display the loans and rates for which you qualify. Nerd Wallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36% and absence of prepayment penalties.
Many people who have paid off their loans also mention the great psychological benefit of feeling like a huge weight has been lifted off their shoulders. ) In order to create an accurate repayment schedule, you need to understand your loans.
I know that personally, if I fantasize about getting a windfall of cash, the first thing I think about doing is paying off my student loans. Use a Repayment Calculator Plug the information about your loan into a repayment calculator like the one from Fin Aid.org, or use your loan servicer’s online account tools.
Features are considered for their positive impact on consumers’ credit history and financial health.