Student Loans....to pay quickly or just pay the minimum? Anyone got good advice? I owe 34K @ 7.2% interest?

I owe 34K @ 7.2% interest. Asked by ChristyLouQ 48 months ago Similar questions: Student Loans pay quickly minimum advice owe 34K 2% interest Business > Financial Planning.

Similar questions: Student Loans pay quickly minimum advice owe 34K 2% interest.

It is a matter of the most value for your dollars: If you are paying anything else that is more than 7.2% (like a credit card, installment loan, etc. ) then, of course pay the minimum on the student loan and pay the higher interest accounts off first. Keep in mind that if your student loan is tax deductible, then the actual percentage may be effectively less than 7.2%. If the 7.2% is the highest percentage you are paying on anything, and if you have a 3-6 month replacement cash fund for emergencies (like suddenly losing your job), then pay as much as you think you can.

But don't make it so drastic that it is no fun living. It will take a long time to pay off 34K at 7.2%. Best of luck.

You probably knew all this but if you didn't, maybe this advice will be of some help.

Anticipate your needs, and let that decide. Pay what you won't miss, and save the rest in case you need it. At 7.2%, with inflation only 3-4% and your income likely limited, your situation is guided by how much money you think you may need in the near future.By all means, pay extra ahead to cut down the debt ($34K is a lot of debt) assuming you know you won't need the money.

But 7.2% isn't that high an interest rate, so err on the side of caution to make sure you have enough money to tide you through what you'll need (broken car, lost job, medical needs, marriage? ) before deciding whether you have extra to pay off the student loan. Pay what you won't miss.

Save the rest in case you need it.

If this is... If this is your least amount of debt, 7.2% is not bad..that is if you have outstanding credit card debt. First get rid of any credit card debt then think about student loans. If you have no debt whatsoever and it is only your student loans, pay off as much as you can..

Pay quick The faster you pay the less interest you pay. Paying the minimum will mean in the long run you will pay more than twice as much.

I owe money on student loans but am unable to pay on them at this time because not working or going to school" "Can anyone offer suggestions and or advice about paying back student loans, i. E consolidation, etc? " "How can I get a loan to pay off student loans and credit card debt?

Can you get 0percent interest finance on loans so pay back wat you borrowed.

Where is, best bank to get student loan with low interest/orig fees when federal loans arent available.

I owe money on student loans but am unable to pay on them at this time because not working or going to school full time.

I owe money on student loans but am unable to pay on them at this time because not working or going to school.

Can anyone offer suggestions and or advice about paying back student loans, i. E consolidation, etc?

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