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Top 5
Personal Finance
Questions
STUDENT LOANS
#5
MOST FREQUENTLY ASKED PERSONAL FINANCE QUESTIONS
Should I Pay Off My Student Loan First Or Contribute to a 401k?
Question:
Student Loan Payoff vs. 401k
Answer: Consider doing both!
• Start small and take advantage of 401K contribution employer matching
(start with 2%-3%, grow your contribution as you reasonably can afford to)
• Extra income you can put towards your student loan
• As far as debt is concerned, student loans are among the lowest cost financing available.
Run the numbers, pay off any high cost / high interest credit first.
Student Loan Payoff vs. 401k
#4
MOST FREQUENTLY ASKED PERSONAL FINANCE QUESTIONS
I’m Struggling To Make My Student Loan Payments.
What Should I Do?
WHAT TO DO IF YOU ARE STRUGGLING TO MAKE PAYMENTS
Question:
• If you can, try to make extra income to keep paying down your student loan debt and meet your payments.
We’ve detailed a number of side hustle ideas to make a few extra bucks in a pinch on our blog.
• If you continue to struggle, let your lender know about your struggle and ask about payment plans or hardship deferments.
Answer: Before Giving Up – Fight!
WHAT TO DO IF YOU ARE STRUGGLING TO MAKE PAYMENTS
• You may wish to try and consolidate your student loans out of a government subsidized program
(less risk to any assets in case you forced to default)
• Check, you might be able to receive a deferment or forbearance
(allows you temporarily to postpone or reduce your student loan payments)
WHAT TO DO IF YOU ARE STRUGGLING TO MAKE PAYMENTS
#3
MOST FREQUENTLY ASKED PERSONAL FINANCE QUESTIONS
OUT OF OPTIONS: WHAT NOW
I’ve Exceeded My Forbearance Period And Still Can’t Afford My Student Loan Payments.
Is There Anything Else I Can Do?
Question:
• If you have gone into default already, contact the Education Department’s Default Resolution Group
• If you have NOT gone into default yet, you can contact a loan servicer at StudentAid.Ed.Gov
Answer: Exhaust All Options
Resource: StudentAid.Ed.Gov
OUT OF OPTIONS: WHAT NOW
#2
MOST FREQUENTLY ASKED PERSONAL FINANCE QUESTIONS
What Is The Best Income-Driven Repayment Plan For Me?
BEST INCOME REPAYMENT PLANS
Question:
Option #1:
1. REPAYE PLAN(Revised Pay As You Earn)
• Payment is 10% of your discretionary income
• Forgiveness is after 20 (or 25) years of qualifying repayment
Answer: 4 Options for Repayment
BEST INCOME REPAYMENT PLANS
Option #2
2. PAYE PLAN (Pay As You Earn)
• Payment is never more than 10% of discretionary income
• Forgiveness is after 20 years of qualifying repayment
BEST INCOME REPAYMENT PLANS
Option #3
3. IBR PLAN (Income-Based Repayment)
• Payment is never more than 15% of discretionary income
• Forgiveness is after no more than 25 years of qualifying repayment
BEST INCOME REPAYMENT PLANS
Option #4
4. ICR PLAN (Income-Contingent Repayment)
• Payment is never more than 20% of discretionary income
• Forgiveness is after 25 years of qualifying repayment
BEST INCOME REPAYMENT PLANS
#1
MOST FREQUENTLY ASKED PERSONAL FINANCE QUESTIONS
I’m Looking For Ways To Pay For School BUT I Have Bad Credit.
What Options Do I Have?
OPTIONS FOR BAD CREDIT
Question:
• A number of powerful Government programs exist to help fund your education: (Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans - FAFSA)
• Check federal financing first before looking into private student lending programs.
They will generally have a lower interest rate and more flexible repayment periods.
Resource: https://www.reallybadcreditoffers.com/student-loans.php
Answer: First Federal Then Alternatives
MOST FREQUENTLY ASKED PERSONAL FINANCE QUESTIONS
About ReallyBadCreditOffers.com
ReallyBadCreditOffers.com provides everything you need to make mincemeat of debt and attack even the toughest financial problems with innovative, eye-opening tools, strategies, and advice.
We provide ‘tough love’ straight-talk about financing, credit and savings issues. Founded with a mission to give consumers the real world, actionable resources to rapidly whip their personal finances into shape.
Visit the website to learn more about the powerful resources available to help people struggling financially get back on track.
To Learn More: https://www.reallybadcreditoffers.com
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Source: https://www.salliemae.com/plan-for-college/types-of-student-loans/federal-student-loans/
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