Ask Terry Questions student loan

student loan

By Terry Savage on June 03, 2019 | College Savings / Student Loans

I have a niece that has a $60,000 student loan. She is paying interest only(Yuck)and it is costing her over $400 a month. Can this be converted to some other loan or payment which will/can include payment to the principal and reduce the payment amount?

Thank you

Terry Says

If she has an income, and has established (otherwise!) good credit, she should contact about refinancing those loans.  But if she is on the edge, and might need some of the Federal programs that would allow her to defer payments in the future, then the best thing she can do is take an evening or weekend job and make extra payments on the loan balance.



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