Paying Off Student Loans Flagstaff AZ

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

Compass Bank
(623) 445-2963
22601 N. 19th Ave. Ste. 120
Phoenix, AZ
 
Credit Union West
(602) 631-3200
20155 N. 67th Avenue
Glendale, AZ
 
Wells Fargo Bank
(623) 561-5248
20369 N. 59th Avenue
Glendale, AZ
 
MidFirst Bank
(623) 341-3510
3611 W Anthem
Anthem, AZ
 
Wells Fargo Bank - Fry's
(602) 528-7452
4202 W. Cactus Road
Phoenix, AZ
 
Arrowhead Community Bank
(623) 776-0800
17235 N. 75th Ave. Ste. # B-100
Glendale, AZ
 
Meridian Bank
(602) 636-4901
4482 W. Peoria Ave
Glendale, AZ
 
Wells Fargo Bank Arizona
(623) 772-7420
9082 W. Glendale Ave
Glendale, AZ
 
American General Finance
(480) 899-2350
2050 N Alma School RD
Chandler, AZ
 
State Farm Ins. - Sharon Dittmann
(623) 979-0008
20542 N. Lake Pleasant
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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