Student loans
Hi I owe about $50,000. In government loans and I pay monthly. I am recently divorced with two kids get some child support. What can I do to pay these off quick, should I consolidate, any way to get some debt removed or canceled, lower payments. Have already been paying for 10 years, not going down much, don’t want to start over and be back to the 25 year limit. I make about $125,000 a year. Thanks
Terry Says
So a lot depends on the details. These are Federal Student Loans. Did you every consolidate before? Go to StudentAid.gov and learn about income-based repayment plans. It may — or may not — make sense to consolidate, get a lower monthly payment if you qualify (and restart your count). But only if it signifiantly lowers the payments!
So a lot depends on your income, your other needs for money, etc. And what kind of job you have (do you qualify for public service loan forgiveness?)
If you want personalized advice, and yes it costs money, go to my student loan expert Rae Kaplan at https://www.financialrelief.com/. Everyone else is likely trying to sell you something, and I know you can trust her advice.
Use my name or not, as I get nothing out of this recommendation.
