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Student loan debt can feel like a dark rain cloud hanging over your head.
But, if your debt isn't included in the billion in student loan debt that may be thrown out due to shoddy paperwork practices, you'll likely have to bite the bullet and pay it off. "Most student loans begin accruing interest the moment you graduate, and that interest adds up," Anna Khayet, head of product marketing for student loan refi at online lending website So Fi, tells Business Insider.
"Consolidating both federal and private loans into one private loan can also be an option, but you would then lose some of the protections that come with federal loans," she says.
"Instead, consider refinancing private loans at a lower interest rate, which doesn't just simplify the payment process but also saves you money." Khayet says that young people should first and foremost prioritize their organization's 401(k) match program, to scoop up "free money." Next, it's important to set up an emergency fund that can cover living expenses for at least three months.
Regardless of the option that’s right for you, you’ll enjoy no closing costs, annual fees and application fees.
Learn more If you own your car outright or have a small balance left on your loan, talk to us about how we can help you use your car's value to secure a loan to pay off other debt.
Large corporations and small businesses alike struggle with loan repayments.
Debt consolidation offers both advantages and disadvantages for small business owners.
When you're drowning in due dates, debt consolidation can sound like a godsend.
Your credit cards, line of credit and other loans get consolidated into a lump sum you can tackle at a lower interest rate and with a minimum payment that's manageable.
While you're paying off your debt, it's important to steer clear of common pitfalls that could make your life harder. "Any payments you can make sooner helps cut down on the capitalizing interest." "Automatic payments will deduct the amount directly from your checking account, ensuring you don't incur late fees," Khayet says.
Here are some mistakes to avoid when it comes to paying back your student loan debt: You'll likely receive a grace period of six months after graduation before you have to start paying back your debt. "And if you set up auto pay on your monthly loan payments, most loan providers will likely give you a 0.25% rate discount." If you have multiple student loans with very different interest rates, the way you pay them off can make a difference in how much interest you pay in the long run. "If you make the largest of your payments on the loans with the highest interest rates, and pay just the monthly minimum payments on the rest of your loans, then you'll make the biggest dent in what you owe and save the most on the accruing interest," she says.But if you aren't savvy when combining your debts, you could be worse off.