Make a Plan to Repay your Private Student Loan

November 22, 2017

Second, you should give private loans the first priority in payment. The interest rate is often higher than that of the federal loans, so you can put the less disconcerting ones aside temporarily.

Third, pay down the principal by always paying more than the minimum payment. Due to the comparatively higher interest rate, be sure that you make enough repayment in time every month before the accrual of the interest.

For those who have a house in your own name, there is another option if you have difficulties in paying off the debt. A home equity loan really helps because of it’s friendlier interest rate.

Keywords: loan student; student loan

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