Should I Pay Off My Student Loans Early?. Frank Answers your toughest financial aid questions in 60 seconds or less.
If you make the choice to increase the amount you put towards your student loans every month, make sure that's a part of a larger financial planning strategy.
In some cases, prepaying student loans comes with some key benefits. If your student loan isn’t subsidized, paying it off early can save you hundreds or thousands of dollars in interest. In addition, prepaying your student loans can lower your debt-to-income ratio, which can give you a better chance of qualifying for a mortgage, a car loan, or a high limit on a new credit card. On the other hand, you’ll lose the ability to delay repayment, apply for income-based repayment, or consolidate student loans into a single low-interest loan if you focus on prepaying education-related debt.
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Frank is a fin-tech startup based in New York City whose mission is to create a world where affordable education is available to all. To learn more, visit https://withfrank.org.
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