Student Loan Consolidation and Payoff | BeatTheBush

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Understanding different kinds of student loans and the best strategy to pay them off. Consolidation is an effective strategy to pay off the loan only if you do not plan to use the Student Loan Forgiveness Program. Keeping the student loan for tax deduction purposes is effective only if your income is withing the write off range. Still, in the end, keeping the loan around for years on end will add up to thousands of dollars of interest payments. This very interest payments could be reduced significantly if you work towards paying it off early which results in a higher net worth. .

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Comments

Child Support Made Simple says:

The student loan debt is not the only crisis.  When you add child support payments on top then problem is worst.  With  both programs you cannot discharge in bankruptcy. Why is the government imposing this restriction on our future population.

JEN W says:

Do you have an email where we can send questions? I have some questions about student loans and interest and payoff amounts etc?

Moshé X says:

How do I pay off my loan on Navient? Im trying to do it but the language is kinda confusing. Do I just do it as one big overpayment?

even stevens says:

Should I use the advance due date option or not? I get the option because I pay a little over the minimum each month.

pnoipr8 says:

When you talk about consolidating, do you mean refinancing?
my understanding of both of those terms is
consolidate: you consolidate your FEDERAL loans into one loan/payment, but without the benefit of lowering the rate, but you are still eligible for the federal benefits and you only have to do one payment for all loans.
refinancing: you consolidate your PRIVATE loans into one loan with the benefit of a lower interest rate, but the loss of federal perks.

Please correct me if im wrong. I am new to this.

Desiree Jones says:

You’re cute lol

Brandii Rodriguez says:

I have 5 late payments on my federal student loan.. they won't remove them. Should I refinance or consolidate and close the account ? FYI this is my oldest opened account

Evelyn Reyes says:

Hi. I have student loan total of about 60K, half of it is from the student loan I co-signed with my ex (big mistake!), a 4th of it is a parent loan I took out for my son and the rest are mine. I’m still in school so my portion I don’t have to pay yet until I’m done and my son’s on deferment. But I’ve been paying now for about a year so that when they come due (June 2019) i won’t have tons of interest to pay. Right now I spread my payment to the unsubsidized loans but should I focus on one loan at a time instead and only pay $25 on the rest to cover the interest charges and put everything else on one loan until it is paid off? I’m looking for a better way to payoff the loan fast.

Liza T says:

Do you have a video informing us about Personal Loans? I have been considering taking out a personal loan to pay off my credit cards

K Monster says:

So which strategy do you recommend? Paying off loans aggressively ASAP or making minimum payments and using the rest of your money to invest?

3D-PT says:

You need to revises this now. The education tax credits are cut under Trumps Tax plan. Always try to pay off the loan ASAP, The more principal you have the more interest will accrue. If you're in a position to pay down, due that and you can focus on building wealth later. Don't rely on loan forgiveness (Teacher Loan Forgiveness, Public Service Loan Forgiveness) with the current administration. Department of Ed is struggling to process the current PSLF applications.

Jamesthacoolcat99 says:

Great video. I am giving myself a one year time frame to pay my student loans. They are very low balances since i worked the whole way through college so far.

Vijaykalyan Kakamani says:

I had a student loan of $1000.00 with 14% rate of intrest, every month I am paying $170.00 in that amount they are taking out around %113 as rate of interest, its more amount for to pay,can you please suggest me how to clear this. even I am not getting any credit card due to this payments.

N Saidy says:

How do you get your interest lower after 3 yrs.

JongaLife says:

I noticed you've answered a lot of people in here, thanks for that. I'm in the Obama Student Loan forgiveness program, right now the payents are comfortable but there's this loan of 9k with 6.8% thats being a pain. I was thinking if I should refinance or not, Im a bit scared about having to make big payments since I'm still not making really good money. A part of me thought about getting a credit card, write me a check and then focus on paying that credit card that has no interest rate for 2 years. Still thinking.

Kenny Bucketz says:

I think he meant refinance, not consolidation.

Jmack1lla says:

My car loans intrest i lower than my student loans but i had goos credit when i bought it

Ditching The Grind 3 says:

Have you heard of "One Big Happy"on youtube? Its a couple who are in their early 30's— they have $960,000 in debt between a home ($533,000) Joseph ($200,000 student loans), Tasha ($200,000 student loans). They plan to be financially independent in eight years with a million dollars in savings/retirement. They are depending on the Debt Forgiveness Program in eight years. They reside in Washington DC and have two children. What do you think of them getting this accomplished in 8 years? Both work in the lower paying public sector to qualify for Loan forgiveness. (They have $271,000 in 401k and cash today. $70,000 equity in their home.)What is odd is they seem perfectly fine with almost a million in debt. Thank you.

Gilberto Munoz says:

Hey you're wrong, you have to consolidate or most of the time you don't qualify for the forgiveness program. I'm just letting you know because you're telling many people wrong information and might put them in worse situations when they don't receive the forgiveness.

James Elliott says:

Have you ever tried Givling?

scribbleneetly says:

If I have a couple thousand dollars in credit card loans, is it okay to use my leftover subsidized loan award to pay that off and get rid of it while I'm finishing school?

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