Consolidating student loans nelnet
I made a spreadsheet with all of my student loans, their balances, monthly payments, and interest rates.I then set up automated monthly payments through each student loan servicer’s website.The bottom line is that repaying student loans is an obligation. Fortunately, if you’re having trouble paying, there are built-in protections like reduced payment plans, grace periods, and forbearance—an extreme program in which you may be able to suspend payments for a brief period of time. “Bad” debt is bad because it either has a wicked interest rate or is designed to pay for depreciating assets like a car.In some cases, you may also be eligible for partial or complete loan forgiveness if you work in public service. However, in an effort to make sure everybody “gets it,” we’ve oversimplified the equation. “Good” debt is “good” because it’s used by appreciating or income-producing assets like a business, real estate, or an education.
Sure, if you’re 18 and have the foresight to choose a reasonably priced college and an in-demand field of study, great.With federally guaranteed student loans, you don’t have that option.Even bankruptcy does not relieve you from paying student loans.If you’ve graduated from college or graduate school in the last decade, I don’t need to tell you that college tuition is rising at an unsustainable level or that we are graduating with monstrous student loan debts—to the point that Americans’ total student loan debt has surpassed our credit card debt for the first time in history.There’s lots of talk about the calculus of return on investment in education.
shows you charts of your loans by balance, payment, and APR, so you know where to focus your payments.