You may be wondering, should I pay off my student loans while federally-held student loans are on an administrative forbearance with 0% interest an d without a requirement to pay until . And on top of that there are discussions about forgiveness. If you don’t have a loan with COVID-19 relief being offered, then you may be wondering how all these discussions affect you.
Here’s the thing, you always want to make student loan repayment a priority, even now. Even if additional assistance comes from the government, you have to wait for that to happen. While you wait, you want to make sure that you are staying current with your student loans.
If you’re wondering if you should pay off your student loans, the overwhelming answer is YES! Student loans are very difficult to discharge in a bankruptcy, and not paying off your student loans can result in wage garnishment and other legal action.
Should I Pay Off My Student Loans Early
If you can, you should pay off your student loans early. There are no prepayment penalties on federal or private student loans, and we recommend taking advantage of this to save yourself money in the long run. Paying off your student loans early will save you interest over the life of the loan, which is money that you could utilize for other significant expenses like a down payment on a home. Continuar leyendo «Should I Pay Off My Student Loans Right Now?»