I owe $131,000 in student loan debt. We can’t even afford to contribute to retirement or pay for some much-needed dental work. How can I get out of debt faster? (Via MarketWatch Picks)
Student loan debt now tops $1.7 trillion. So when we received the following letter from a borrower deep in student loan debt, we wanted financial pros to help — as the debt repayment strategies for her are similar to what many borrowers tackling their loans may want to consider too, from possible loan forgiveness, to smart budgeting, to refinancing . Here’s her question, and what financial pros think she, and you, should do to reduce student loan debt.
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The next question is whether to refinance loans to save money. But first, consider that right now your federal loan payments are on pause through May 2022, and that you should be careful about refinancing a federal loan into a private loan as you will lose some of the federal loan protections, such as income-based repayment and forgiveness options. . But Ethan Miller, the founder of Washington, D.C.
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