Can I payoff my student loan faster?
Date: Thu, 05/13/2010 - 04:11
Can I payoff my student loan faster?
I have graduated in information technology but the market isn't robust as it used to be . In a nutshell I am currently working in a position that pays much less than my expectation. I am having problems with paying my student loan. I want to know, what recourse do I have in order to pay it off faster?
Quote:Originally Posted by SOAPLADYPrivate or federal loan? P
Quote:
Originally Posted by SOAPLADY Private or federal loan? |
Private
You are having problems paying it but want to pay it off faster?
You are having problems paying it but want to pay it off faster? Private loans do not have any cancellation options or any of the other perks that federal loans have. The only way to pay it off faster is make bigger payments and attack the principal.
Okay, what I was considering is paying less than what I owe, i.e
Okay, what I was considering is paying less than what I owe, i.e. settle. Is it an option since its a private student loan?
Yes some will settle but not to the extent of other consumer deb
Yes some will settle but not to the extent of other consumer debts. And it depends on the lender. Factors will include how much you owe and what your credit is like.