Paying Off Student Loans Flagstaff AZ

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

Arizona State Credit Union
(928) 203-7552
140 Coffee Pot
Sedona, AZ
 
Meridian Bank
(602) 212-3999
1675 N. 95th Ln.
Phoenix, AZ
 
West Valley National Bank
(623) 535-2460
12725 W. Indian School Rd
Avondale, AZ
 
Washington Mutual
(602) 977-3988
3020 E. Camelback Rd
Phoenix, AZ
 
Cho Thomas Insurance Agency Inc
(480) 777-1100
1474 N Cooper Rd
Gilbert, AZ
 
CRG Loan Modification
(480) 357-8450
10702 E Oasis
Mesa, AZ
 
American Dream Lending
(520) 437-7368
550 W. Ina Ste. 201
Tucson, AZ
 
Bank of America
(480) 365-7280
8750 E Raintree DR
Scottsdale, AZ
 
Desert Schools Federal Credit Union
(602) 433-7215
5104 N. 67th Avenue, Suite F-2
Glendale, AZ
 
Gold Canyon Bank
(623) 594-7351
9299 W. Olive Ave.
Peoria, 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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