VIEWS: 9 PAGES: 5 CATEGORY: College POSTED ON: 11/22/2012
http://www.paymystudentloans.com/myths-about-paying-down-your-student-loan-fast/ Right now there are several myths about paying down your student loan fast. Recently an article was published about a young graduate from Harvard Business School, Joe Mihalic, who payed off his $90,000 in student loan debt in the relatively short time of 7 months. Of course, many people were immediately interested to hear how he did it: After all, we've got more than 37 million people in the United States who are currently buried under an average undergraduate student loan debt of $25,000, and for those who are struggling with graduate school debt that number jumps up to more than $40,000. Not exactly the ideal situation when one is just beginning a new life, when one is just starting to earn money.
Myths about paying down your student loan fast PayMyStudentLoans.com PayMyStudentLoans.com Myth #1: Tax Breaks Means I Shouldn’t Pay Off My Loans Right Away While there are some tax breaks out there for those struggling with student loan debt, those breaks only affect $2,500 of the interest on the loan each year. It is almost never the right financial decision to pay down loans slower for tax reasons PayMyStudentLoans.com Myth #2: File for Bankruptcy Is Your Way Out Bankruptcy is NOT an option as a student loan problem solution. Even if you find yourself in a position where you must declare bankruptcy, you will still owe money for your student loans. PayMyStudentLoans.com Myth #3: There’s No Way Out Although bankruptcy isn’t an option for those struggling under high student loan debt, there are several programs out there which offer loan forgiveness. PayMyStudentLoans.com Learn More Learn more at… http://www.paymystudentloans.com/myths-about-paying-down-your-student-loan-fast/
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