Consolidating student loans in garnishment
A fixed rate will remain the same and a variable rate will change depending on the current market. Many private companies offer tuition assistance or reimbursement to employees who are either attending grad school or have earned their degree.If you broke that up and paid $150 every two weeks, you'd shave a whole year off your payoff time and around $700 off the interest. This can streamline your monthly payments and potentially lower your interest rate.Rates are fixed for the life of the loan, and you still have the option of going with an income-based repayment plan if you need to.Check out this full list of grants that can also help you take care of those loans. Many loan servicers offer a 0.25% interest rate reduction for any borrower that enrolls in automatic payments. The interest on your federal student loans are calculated daily.
Making your payments ahead of the due date reduces the principal faster and cuts the amount of interest you're being charged, so you're not stuck paying as long.
As an undergrad swapping a daily coffee for a payment on your loans can save you hundreds on interest over their lifetime. Splitting your monthly loan payment in two is another easy strategy for eliminating the debt more quickly.
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