Should I Auto-Pay My Student Loans?
Automatic student loan payments help avoid late fees and offer an interest rate discount, but auto-debits also come with some major risks.
There is a long list of resources to knock out federal and private student loans. For many borrowers, the ideal approach will be a combination of some of the programs below.
If you are brand new to student loan repayment, this guide is a helpful starting point.
Automatic student loan payments help avoid late fees and offer an interest rate discount, but auto-debits also come with some major risks.
Private loans are usually worse than federal loans. Getting a lower federal payment to free up cash to eliminate the private debt is often a smart move.
You don’t have to work for the government or a non-profit to get student loan forgiveness. Options exist for private sector employees too.
Servicer mistakes are sometimes a part of life with student loans. Most errors can be easily resolved with minimal effort.
Income-driven repayment plans are usually the best option for federal borrowers, but some circumstances justify a change in strategy.
Dealing with loan servicers is a hassle, but dealing with a default is even worse. Because borrowers can sign up for $0 per month payment plans, default is avoidable.
PSLF probably isn’t going anywhere. Even if it PSLF was eliminated, existing borrowers have plenty of protections in place so that they can qualify in the future.
Student loan help isn’t limited to government attorneys. Lawyers in the private sector have many resources available for law school debt elimination.
$10 per month may not sound like a lot of money, but if you can pay $10 extra per month, it can make a huge difference on your student loans.