Paying Off Student Loans Flagstaff AZ

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

Arrowhead Community Bank
(623) 776-0800
17235 N. 75th Ave. Ste. # B-100
Glendale, AZ
 
State Farm Ins. - Maria Casebeer
(623) 412-2770
8392 W. Thunderbird Rd. # 101
Peoria, AZ
 
Wells Fargo #7345
(623) 487-3600
7345 W. Cactus Rd.
Peoria, AZ
 
Meridian Bank
(623) 932-4000
11 W. Van Buren St.
Avondale, AZ
 
Meridian Bank
(602) 212-3999
1675 N. 95th Ln.
Phoenix, AZ
 
1st National Bank of Arizona
(623) 815-4300
10220 W. Bell Road #105
Sun City, AZ
 
Cash Time Auto Title Loans
(602) 262-2612
2612 N. 16th street
Phoenix, AZ
 
Chase Bank - 28523
(623) 455-4000
28523 N. El Mirage
Peoria, AZ
 
M & I Bank
(623) 463-6100
5704 W. Glenn Drive
Glendale, AZ
 
Bank of America
(480) 365-7280
8750 E Raintree DR
Scottsdale, 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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