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You would want to ask the bank for a pay-off estimate. The reason for this is if you randomly send them a check covering the amount that it shows you owe it might actually not match up due to the fact that interest is constantly being accrued.
HOWEVER, I never recommend paying off student loans early. The reason behind this is because the value of a dollar today is higher than the value of a dollar tomorrow. Due to the large time frame and low interest rates many student loans have it is often better to just keep paying them monthly. It would benefit you more to take all of that money that you would have used to pay off the student loans and put the funds in an interest bearing account. You will be able to keep the value of your dollar up ( assuming you picked an interest rate that is higher than the inflation rate) and you won't be giving the bank your money when it has that higher value. The easiest way to make money is by using your own money to make money for you. ;) Don't give your money to them early because all they are going to do is take that money and do just what I told you to do except they do it in the form of interest bearing student loans.
Reasons to pay off a student loan would be if you need to lower your debt to income ratio or if it has a high interest rate.
Wiki User
∙ 11y ago
Wiki User
∙ 17y agoThere is something called a consolidation loan. They take your loans and bundle them all into one, kind of like refinancing a house, so that you get one new loan that covers them all and you pay them off that way. Hope that helps!
Wiki User
∙ 10y agoIf you are asking if you can take out a loan to pay off another, separate loan then the answer is, technichally, yes. However, this would be very difficult and not recommended because banks typically would not approve of loans for such a reason.
Wiki User
∙ 10y agoThe government site for Consumer Finance has a host of information and assistance for paying back student loans. Working with your student loan company to defer or lower payments may be an option to make your loan payments more manageable, or finding a financial institution who can refinance your loan for a lower rate is also a viable option.
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Do any public assistance programs help to pay back student loans in New York?
There are several public assistance programs that aid in paying back student loans. A search engine or phone book can be used to find the nearest public assistance office to find a program that fits you. There are no programs that will pay back a student loan for you. However you can apply for a government grant that if you qualify need not be paid back. These are based on income
I owe about 7000 in student loans which I am paying on can I go back to school and get more student loans?
Yes, you can take out additional loans as long as you are not in Default on the current loans.
What does pay back have to do with student loans?
Pay back in reference to student loans is the time when the loan becomes due and the student must begin paying on it. This usually occurs when the schooling has finished.
Where can one find assistance on paying back a federal student loan?
There are many places one might go to find assistance on paying back a federal student loan. Some employment programs offer assistance as part of job bonuses.
Do you have to pay off the Wells Fargo student loans myself?
Most loans require students to pay back the money as soon as they're out of college and have a paying job. If a parent wants to pay back the loan their student has took out, then the student won't have to pay. However, students are responsible for paying back loans like the Wells Fargo Student Loan.
How will Great Lakes help with student loans?
Great Lakes keeps individuals up-to-date with information about their student loans. Great Lakes also monitors the location and enrollment status while individuals are in school. Great Lakes provides assistance to individuals paying back student loans. Payments can even be made through the website or by automatic withdrawal.
How long do you pay for college after 21?
It typically does not depend on age. However, most students will spend 10 years paying back student loans. Undergraduate students will normally begin paying back student loans 6 months after they graduate.
If you go back to get a MA and have student loans from your BA do you stop paying those loans while in school?
Yes, you can get an in-school deferment on your undergrad loans if you go back for masters.
When do you have to start paying back Astrive student loans?
Astrive student loans have to be paid back generally three years after the loan phase time is complete. It depends on what type of details the loan has and what the individual situation is to determine exactly when the loans will have to be paid back.
Are there student loans with a grace period of 6 months after graduation to begin paying them back?
Yes, I know all Federal Student Loans start repayment 6 months after graduation.
Do people actually require financial aid to pay for school?
Yes, there are a great deal of people who require financial aid to assist in paying for their higher education. They can do so by applying for grants and other assistance that do not require them to pay it back or by using student loans that have to be paid back.
Is there any way to get out of paying back school loans?
No, there is no way to get out of paying back school loans. You can read more at www.soyouwanna.com/site/syws/loans/loans.html
