Do you have a college student who just graduated? Congratulations! Now it’s time to study up on the best way to pay off those student loans. Federal student loans come with benefits such as flexible payments, forgiveness and forbearance or deferment so they should be evaluated separately from other types of loans. Should you focus on paying off high-interest loans first or paying as little as possible? What about using a loan consolidator to refinance the debt? Click the link for more information.
While not addressed in the following article, please keep in mind that student loan repayment, interest, and collections are paused through August 31, 2022 as part of Covid relief and rumors are swirling that the Biden administration is planning to cancel $10,000 in student debt per borrower.