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Posted in Student Loans
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m0515m

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how to pay off student loans
single mom with no child support making minimum student loan payments, balance keeps climbing. How can I pay these off?

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Getting into a program is a bandaid for you. You have an income problem. Do everything you can to pay down the principal not just the interest. Move in with parents, try to get a raise or more overtime. Look for higher paying job or get a a second job. sell some stuff at yard sale and online. No more starbucks, fast food or cable tv. Find out how much your monthly interest is and figure out what you can pay above that amount to lower the principal because otherwise your loan will continue get bigger and bigger and only paying a portion of the interest you will dig yourself into a hole you can never climb out of.

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Contact your loan servicer to see about getting an income contingent repayment or some other propgram that will make things more productive.

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