Taking out a private loan to pay off student loans
Many lenders won’t let you use a personal loan to pay off student loans. But even if they did, you likely wouldn’t want to. Personal loans typically come with higher interest rates and shorter repayment terms than student loans do.
What is the most efficient way to pay off student loans?
Some of the best strategies to pay off your student loans faster include:
- Make additional payments.
- Establish a college repayment fund.
- Start early with a part-time job in college.
- Stick to a budget.
- Consider refinancing.
- Apply for loan forgiveness.
- Lower your interest rate through discounts.
Is Sallie Mae federal or private?
private
Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years. In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation.
How can I pay off my 150k student loan?
Here’s how to pay off $150,000 in student loans:
- Refinance your student loans.
- Add a creditworthy cosigner.
- Pay off the loan with the highest interest rate first.
- See if you’re eligible for an income-driven repayment plan.
- Consider student loan forgiveness.