Because I couldn’t afford the cost of attendance for school, I took out loans. I have a considerably huge amount of student loan debt already. Will I be paying off these loans for the rest of my life because it keeps building interest? Or is there a way to pay without feeling like nothing is changing?

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Posted by Sabrina (MONEY FORUMS: 2, Answers: 0)
Asked on September 8, 2015 1:54 pm
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Hi Sabrina, great question. Many students take out a large amount of student loans. This can have a big impact on your budget after graduation. There are a couple of very important things to consider before your repayment period begins. There are several loan repayment options and it is important to understand the options and select the one that is best for you. It may make sense also to consider refinancing, although this is not always the best route. Once you have selected the best option be sure to stick to the repayment schedule. When you first start paying off any loan the bulk of the payment goes to interest and a lesser amount to principal. As you pay down the loan a larger portion of each payment goes to principal. It may seem slow at first, but by paying consistently you will make headway!
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Posted by Peter Neeves (MONEY FORUMS: 1, Answers: 59)
Answered: November 15, 2015 3:19 pm