Paying Off Student Loans Flagstaff AZ

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

Johnson Bank
(623) 643-0601
16155 N. 83rd Avenue
Peoria, AZ
 
1st America LLC
(480) 505-6464
6370 East Thomas Road Ste No 200
Scottsdale, AZ
 
Mission Oaks National Bank
(480) 505-7060
1425 W Elliot Rd
Gilbert, AZ
 
Desert Schools Federal Credit Union
(602) 433-7215
5104 N. 67th Avenue, Suite F-2
Glendale, AZ
 
Community Bank of Arizona
(623) 979-1999
6666 W. Peoria #101
Glendale, AZ
 
Arizona State Credit Union
(602) 467-4010
8285 W. Union Hills Dr. Ste. 106
Glendale, AZ
 
Checkmate
(480) 792-1022
1250 N Alma School RD
Chandler, AZ
 
Chase Bank - 28523
(623) 455-4000
28523 N. El Mirage
Peoria, AZ
 
Loan Mart Payday Loans
(520) 407-9566
5095 N La Canada Dr
Tucson, AZ
 
Wells Fargo #8281
(623) 537-2460
8281 Lake Pleasant Parkway
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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