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That’s why it’s important to stay on top of news as it comes out.
Paying down more of your private student loans first also follows the “debt avalanche” payoff method.
Suddenly that next account will be paid off a lot faster, and so on.
Now, here’s how that applies to your student loans: Since private student loans tend to come with a higher interest rate, targeting them first lines up with the debt avalanche method nicely. The laws governing collections on student loans can change as quickly as administrations do.
However, you can only be in deferment or forbearance for a limited amount of time, which will vary based on your lender.
If you’re struggling with repayment and looking for private student loan forgiveness, it’s crucial that you contact your lender and don’t just abandon your payments.
Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own! The problem is, private student loans often have higher interest rates than federal student loans.