Personal Loan To Pay Off Student Loan Reddit
A bit of background.
Personal loan to pay off student loan reddit. You forfeit federal student loan protections. I have enough to pay off the loan right now in full. A partial interest is accruing until november.
Work is starting to slow down as the holidays are over and we ll covid. Graduated repayment can be great if used correctly. While it is possible to use a personal loan to pay off your student loans many lenders will decline your application if they know you will be using the loan for this purpose.
I m 28 and she s 26. I ve got 2 500 in existing student loan debt and about 16 000 credit card debt. Is this the most effective way to pay down debt.
Your new debt will be a personal loan which is classified differently than student debt and has no tax benefits. I have been work per diem so my pack check ranges from every week. I pay at least 500 on top of my minimum payments every month and that goes directly toward my highest interest rate loan.
I had 125k in student loans. When you refinance you combine your existing federal student loans private student loans or both into a new student loan. I would only be able to do 2 300 if i were using the standard repayment plan and i would end up paying more interest over the life of my loans.
Hi all need some extra motivation to pull the plug on paying out 40k today for my wife s student loans. I m thinking of taking out a personal loan. Currently student loan borrowers can deduct up to 2 500 in student loan interest with a modified adjusted gross income of less than 80 000.
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