Tuesday, December 20, 2016

The best strategy for paying off student loans

9:39 AM Posted by Unknown , No comments
There are many strategies to solve this problem, it is a matter not only very important but also need to be considered .
According to my opinion, i think that it's good to have a small fund available for emergencies, so build this first, while paying the required loan payments.
Once you have a small fund (think ~$1,000 or so), put all of your energy and cash into paying down the debt. Sell things if you have extra things you don't need, take on a second job if your situation allows it, and plow through the debt.
Once you have the student loans (as well as any consumer debt you might have - cars, credit cards, etc) knocked out, build a solid emergency fund of 3–6 months of living expenses.
And, now you're in charge of your money since a large chunk of it is not already spoken for each month to service debt, and you have enough money on hand to cover your expenses in the event of a job loss, and if your car’s transmission unexpectedly fails, for example, you won't be forced to take on debt (credit cards, etc) to get back on the road.

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