SECu Offers Student Loans
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The difference between your dream job’s gross salary and take-home pay can be disappointing. Deductions taken from your pay check, such as taxes, health benefits and your retirement contributions, take a bite out of the money you have to pay your bills. Understand how much money you really have for new work clothes and dinners out with friends by listing your monthly expenses and payments due and subtracting them from your net pay. This is your discretionary income — the amount left over for fun after rent, utilities, groceries, loan payments and your other essentials have been paid.
When paying off multiple student loans, do what's known as the snowball aproach of debt reduction. With this approach, you start paying agressively on the least desireable loan (Private Loans first then highest interest rate loans) while paying the minimum on the other loans. Once the first loan is paid off, you take a month or two off and enjoy the extra money you have. Then you channel that money to paying off the second loan. Now you'll be paying off that second loan very agressively and will be able to get it out of the way very quickly.
We haven't, however, heard a lot from Congress, so we urge you to personally call or E-mail your Representative and Senators to urge Congress to take action on H.R. 2028 in the House and S. 1102 in the Senate. These bills would restore the right to relief through bankruptcy on private loans Because private loans lack vital protections -such as extended repayment plans, consolidation, and deferment-that federal student loans possess, it is vital that we restore this basic consumer protection to protect borrowers with private loans. And you can say exactly that in your E-mail or phone call.
However, if the cap does come into play depending on current interest rates, there can be a savings in regard to the interest rate charged. The bottom line is that you do need to be aware of how your interest rate ultimately will be effected should you elect to consolidate student loans. You simply cannot make any assumptions about the ultimate interest cost associated with a consolidated student loan. You need to keep in mind that no reputable lender will require you to pay any sort of fee upfront and in advance of making application for a consolidated student loan.
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