With student loan payments starting up, financial advisor offers tips
Oct 2, 2023, 9:00 PM
(AP Photo/Seth Wenig, File)
SALT LAKE CITY — Many student loan borrowers have likely been dreading the arrival of October. Now that the month is here, student loan payments have resumed.
President Biden extended the student loan payment pause in an effort to help those experiencing student debt. The president also tried to forgive certain between $10,000 and $20,000 loans. However, his program was overturned by the U.S. Supreme Court.
Shane Stewart, a DMBA-certified financial planner, shares tips on how those with student debt can refinance their loans.
“We have to embrace the fact that the loans aren’t going away,” Stewart said.
Stewart says there are a lot of options out there.
“If you really want some help with those, you need to exhaust that list,” he said.
Options for student loan payments
Stewart says once the list of options has been exhausted, you can try paying on the loan every two weeks or pay a little extra to help bring down the principal balance.
What is considered a little extra?
“I’ve seen people who have successfully add another $10 or $15 and it does lower the amount of time the loan is open,” Stewart said. “However, obviously, the more you can put into the principal, the better.”
Stewart says he has also spoken with people who feel that $10 or $20 won’t make that much of a difference.
“An extra month is an extra month,” he said. “And if you can pay it off sooner, the better.”
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