Credello: Nearly one in four women has student loan debt. Here are their best options


NEW YORK – March 28, 2022 – (Newswire.com)

According to a study by the Institute for Women’s Financial Success, nearly 1 in 4 women have student loan debt. This number is increasing every year, and it is time to act.

Why Should You Worry About Having Student Loan Debt?

Student loan debt can be a huge financial burden for people trying to get ahead in life. Here are some reasons why you might want to worry about having student loan debt:

  • This can affect your credit score. Having student loan debt can negatively affect your credit score, making it harder to get a good mortgage or a competitive credit card in the future.
  • This can affect your financial stability. Having student loan debt can reduce your discretionary income, making it harder to save for a rainy day, build an emergency fund, or buy a house.
  • It can affect your future finances. If you have student loan debt, you are more likely to need to take out additional loans in the future to pay off your current debt. This can make it more difficult to deleverage and build a solid financial base.
  • It forces you to stick to the safe instead of exciting. If you want to try a new career, start your own business, or jump into an exciting start-up early on, you need a level of financial freedom to take risks. If you’re stuck with student debt, you need to focus on income stability first, which may mean staying in a boring or frustrating job.

The Best Options for Paying Off Student Loan Debt Fast

1. Pay off high-interest loans first

If you have high interest loans, it may be best to pay them off first. This will reduce the amount of interest you pay and could save you a lot of money in the long run.

2. Consider a consolidation loan

Student Loan Debt Consolidation is a financial strategy that combines multiple student loans into one loan, making repayment more manageable. Additionally, consolidation loans often have lower interest rates than individual student loans, making the overall cost of borrowing more affordable. If you are considering a consolidation loan, be sure to speak with an experienced lender to find the best option for you and your financial situation.

3. Consider income-driven repayment plans

Income-driven repayment plans allow you to repay your loans based on your income and adjusted for inflation. This can help you avoid high interest rates and make payments more manageable over time.

4. Consider refinancing your student loan

Refinancing can allow you to pay off your debt faster and save money on interest rates. If you’re considering refinancing, be sure to speak with a qualified financial advisor to assess your options and find the most competitive rate possible.

The bottom line

It’s time to get serious about your student loan debt. Many options are available and you can get out of debt quickly with the right approach.

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Credello: Nearly one in four women has student loan debt. Here are their best options

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