Paying Off Student Loans Flagstaff AZ

A student loan expert explains why paying off private loans first can save you money.

TCF Bank
(602) 716-8955
7570 W Cactus Rd.
Peoria, AZ
 
M & I Bank-Debbie Utz
(623) 815-4365
9035 W. Union
Peoria, AZ
 
Meridian Bank
(602) 212-3999
1675 N. 95th Ln.
Phoenix, AZ
 
Meridian Bank
(623) 932-4000
11 W. Van Buren St.
Avondale, AZ
 
Cash Time Title Loans Inc
(480) 733-0300
1133 W Broadway RD
Mesa, AZ
 
Wells Fargo Bank Arizona
(623) 772-7420
9082 W. Glendale Ave
Glendale, AZ
 
First Arizona Savings
(602) 546-1010
4915 W. Bell Road
Glendale, AZ
 
Wells Fargo #8281
(623) 537-2460
8281 Lake Pleasant Parkway
Peoria, AZ
 
Parkway Bank
(623) 487-1119
7581 W. Thunderbird Road
Peoria, AZ
 
Wells Fargo Bank
(623) 939-0511
4323 W. Peoria Avenue
Glendale, AZ
 

Paying Off Student Loans

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Q: I had a question about student loan repayment and I was hoping someone could give me advice. I have two types of loans to repay, $20k in government loans with a lower interest rate and $10k in private loans with an interest rate of 8% to 9%.

Should I pay more on the private loans to get them repaid faster because the interest rate is higher?

A: Thanks for asking YOUNG MONEY this question, but we think you've already got a good idea about the answer.  Government loans are almost always the most flexible debt, and offer a number of deferments or forbearance options while you pay off those private loans.  And intuitively you've realized that paying off those higher interest rates first, makes the most sense (not to mention saves the most cents too).  

Talk to your government loan lender to determine if your financial situation qualifies for a deferment or forbearance, if making both government and private loan payments simultaneously is creating a hardship for you. 

If you're unable to make that option work, then you can always seek to spread out the payments through consolidation, thus lowering the required monthly payments on both your government and private educational loans. 

Call our offices or contact us online to talk with a very helpful student loan consolidation specialist.  We're here to help!

 

John D. Wild
Director of Public Affairs
OneSimpleLoan®
(1) 877-OneSimpleLoan (663-7467)
www.onesimpleloan.com

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