How to pay down college loans
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- Carolyn Bigda , Money Magazine
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Carolyn Bigda
Money Magazine
College is over and the banks want their money back. Welcome to adulthood. Money Magazine reporter Carolyn Bigda offers practical advice for how to pay down college loans.
More from Carolyn Bigda in Money magazine
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Instructions
How to pay down college loans
- Find out how much you owe in federally backed student loans, and to which lenders, by visiting http://nslds.gov
- Do consolidate your student loans into one big loan. Your current interest rates will be averaged into a single rate, which may be lower.
- You can search for a lender who will offer deferred payment programs, graduated repayment programs or income sensitive plans if you can’t afford the full payments now.
- You can lower your interest rates by .25% to .50% by setting up automatic payments from your bank to the lender.
- You may earn a lower interest rate on your student loans by paying on time every month for 2–4 years. Ask your lender about this.
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