Paying Off Student Loans Flagstaff AZ

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

National Bank of Arizona
(623) 972-4603
9878 W. Camelback Rd
Glendale, AZ
 
Wells Fargo Bank - Basha's
(623) 362-2260
6760 W. Deer Valley Road
Glendale, AZ
 
Credit Union West
(602) 631-3200
20155 N. 67th Avenue
Glendale, AZ
 
Washington Mutual
(623) 483-0571
7025 N. 75th Ave
Glendale, AZ
 
Wells Fargo Bank - Safeway
(623) 572-2542
20205 N. 67th Avenue, #100
Glendale, AZ
 
Wells Fargo Bank
(928) 282-7145
2201 W State Route
Sedona, AZ
 
M & I Bank
(602) 863-5802
5504 W. Bell Road
Glendale, AZ
 
Oasis Insurance Infinity Plus
(480) 649-8001
30 N Gilbert Rd
Mesa, AZ
 
First Credit Union
(480) 756-4786
5770 W. Thunderbird Road
Glendale, AZ
 
Mutual of Omaha
(623) 815-4300
10220 W. Bell Rd.
Sun City, 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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