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Watching Your Wallet: Tips to pay off student loans

Published: Jul. 20, 2020 at 5:54 PM EDT
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LANSING, Mich. (WILX) - Are you drowning in student loan debt and is it being made worse by the pandemic?

All loans owned by the Department of Education have 0% interest until Sept. 30 of this year. So what about everyone with private student loans? Some companies are offering assistance, but you have to reach out and ask about the options.

Cherry Dale, a financial coach with the Virginia Credit Union, says this also may be a good time for you to look into consolidating to a loan with the Department of Education since the interest is 0% right now.

“Keep in mind if they consolidate loans the interest that might have been accumulating is wrapped into that loan. So that’s added to the principal. So what they’re going to owe might be greater so they have to keep that into consideration.”

You might be saving money during this 0% interest time-- but keep in mind that only lasts through Sept. 30. You’ll have to weigh the benefits here.

It’s really important if you have a student loan to go into your portal and see who owns that student loan and what the interest rate is so you can make good decisions.

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