Is this alot of debt???

Answers:1   |   LastUpdateAt:2012-10-12 20:36:03  

Question
Azim
Asked at 2012-09-07 00:03:02
I owe $ 8,150.00 in student loans and trying to think of the fastest way to pay . I do not want to pay for this for 10 years , I want it done as 3-4 years. They are with different lenders , so I was thinking about the consolidation of the two . Any suggestions ? I still want to finish my degree , but I can not do that with my GI Bill .
Answer1ahmedAnswered at 2012-10-12 20:34:32
$ 8150.00 There is a lot of debt . The average American owes more than credit cards only. The only problem with consolidating the two loans is that you can not pay a loan off as soon as two . There is a good chance that will happen if your minimum payment consolidation loans , so unless you're very disciplined about paying your bills you will end up paying the minimum each month . MedlinePlus MedlinePlus Here are my two cents : find out which loan has the highest interest rate , then pay as much as you can about the loan each month , while the minimum payment on the other loan . If you want to pay faster , you can always throw money obtained from the tax on that as well . Once the first loan is paid off, take all the money paid in the first loan and throw in the second loan (plus the minimum monthly payment they were doing before ) . This is a standard payment plan used by credit counselors to help people get out of debt as soon as possible .
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