Paying Off Student Loans Sedona AZ

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

Wells Fargo Bank
(928) 282-7145
2201 W State Route
Sedona, AZ
 
M&I Bank
(928) 204-8802
2010 W State Route
Sedona, AZ
 
Desert Hills Bank - Sedona
(928) 282-7440
2785 W State
Sedona, AZ
 
Meridian Bank
(623) 972-1740
13373 N. Plaza Del Rio Blvd
Peoria, AZ
 
Cash Time Auto Title Loans
(602) 262-2612
2612 N. 16th street
Phoenix, AZ
 
Arizona State Credit Union
(928) 203-7552
140 Coffee Pot
Sedona, AZ
 
National Bank of Arizona
(928) 204-1060
1470 W State
Sedona, AZ
 
Chase Bank - Village of Oak Creek
(928) 284-1030
6666 State Route 179
Sedona, AZ
 
MidFirst Bank
(623) 341-3510
3611 W Anthem
Anthem, AZ
 
Washington Mutual
(623) 483-0571
7025 N. 75th Ave
Glendale, 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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