Strategies for Eliminating Outrageous School Debt

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A report from the Brookings Institute shows that a trend is developing among Millennial debt holders: They’re taking longer to repay loans, if they’re repaying them at all.

Paying off debt is tough enough these days; but, it’s the interest incurred that’s the killer!

Minimizing the total interest paid on school debt while paying off that debt is one of the keys to building wealth.

Financial planners have identified the top 3 strategies for loan repayment: debt snowballing; refinancing; and, loan forgiveness programs.

But, are they right for you?

Debt snowballing can be simple. And, it can get you out of debt quicker than you might expect. However, when using this concept, your dollar works for you in just one way.

Refinancing is a popular choice. While it usually reduces the interest rate and saving money in the long term, doing so comes with a more rigid repayment plan and elimination of some loan forgiveness benefits. Again, under this option, your dollar works for you in just one way.

Loan forgiveness programs may be an option. If you’ve already refinanced, this is not an option. And, more likely, you won’t meet the program requirements, as they can be very specific. Again, even if you qualify, until forgiveness occurs, your dollar works for you in just one way.

How can your dollar do two jobs for you instead of one? How can you save that dollar while at the same time use it to pay off debt?

It can be done.

Contact us to find out how it can be done for you.

 

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