Personal Loan to Pay Off Student Loan

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Learn Your Best Options for a Personal Loan to Pay Off Student Loan

Consolidating student loan debt can help you save money while making debt more manageable. Rather than having several monthly payments, you can consolidate debt and just have one monthly payment. At Acorn Finance you can check offers for personal loans or debt consolidation loans without impacting your credit score.

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Learn More About Personal Loan to Pay Off Student Loan

It’s common to use a personal loan to pay off student loan debt. Personal loans can be used to consolidate debt such as student loans. Whether you want to lower your interest rate or make your finances more manageable with just one monthly payment, you should consider a personal loan. In fact, personal loans are often called debt consolidation loans. Keep reading to learn more about using a personal loan to pay off student loan debt.

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Can you get a personal loan to pay off student loan debt?

Ultimately, it really all depends on who you have your student loans with. Are they government student loans or student loans from a private lender? Most often, a government loan will come with a much lower interest rate than a personal loan. If you have your student loans tied to the federal government, you may also have many more options for deferment, loan forgiveness, and income-based monthly payments. With a personal loan, you may find that private lenders are less flexible.

If you have student loans through a private lender, then the most logical thing to do is to compare interest rates between what you are currently paying and what a personal loan may have to offer. Depending on your credit score, you may be able to consolidate your private student loans into one monthly payment with a lower interest rate. However, it is recommended that if you have federal student loans, then you may want to consider keeping your loans through a federal loan provider. Federal loan providers were recently in the news for helping out millions of individuals with student loan relief during COVID through automatic deferred payments and zero interest.

Do banks offer personal loans to pay off student loans?

There are not many lenders out there who would consider granting a personal loan to an individual who had the intended purpose of using it to pay off their existing student loans. Personal loans through traditional banks and online lenders may not be available due to the fact they do not meet the additional requirements laid out in the Higher Education Act. However, some lenders may have met the additional requirements and therefore you may be able to obtain a personal loan through certain lenders in certain states. The main thing you will need to do is to check with each individual lender to determine if they meet the necessary criteria.

Are personal loans an option for paying off student loans?

Yes, personal loans are an option to pay off student loans, however, remember that it is rare. The number of lenders who are eligible to offer personal loans for education expenses is small. The best option available may be to find a loan servicer who is able to offer student loan refinancing. That does not mean it is impossible to find a lender who is qualified to offer personal loans to pay off student debt. You will need to check with the various loan providers and read or ask about their terms and conditions.

How can I pay off my student loans faster?

Paying off your student loans can be a daunting and scary idea. How are you expected to cover all your normal living expenses, save for retirement, and make large monthly payments on your student loans? The honest fact is that it will not be easy, but it is possible. Some people make some serious financial sacrifices to pay down their loans as quickly as possible. Some live at home with their parents, others take on second jobs or create their own side-gigs for extra income that can be devoted to making large monthly payments on their student loans.

Another option you may want to consider is talking with a financial advisor or debt counselor that can help you create a budget and see where you can cut costs to use those cost savings to pay down your student loans.

Is there a downside to paying off student loans early?

Since most student loans have pretty low-interest rates, it may be a smarter move to pay off high-interest credit card debt or personal loans first. This way you may save yourself hundreds or thousands of dollars in interest over the life of all your different loans.

What is the average student loan debt?

At the end of 2020, Americans had more than $1.57-trillion in outstanding student loan debt. The average amount that each student borrower owed was close to $38,792. Student loan debt is increasingly a controversial topic in US politics and some have argued that it has led to a generation of young adults unable to become homeowners or partake in other aspects of the US economy. Also, retirement savings has taken a dip as many more people focus on paying down their student loans instead of paying into retirement accounts.

What are the advantages of getting a personal loan to pay off a student loan?

The main two advantages to getting a personal loan to pay off your student debt are first, you may actually qualify for a personal loan with a lower interest rate than what you are currently paying. If you have exceptional credit, you may want to consider your personal loan options. Some online lenders have interest rates as low as 6.99%.This may be lower than your current student loan interest rate, especially if you have private student loans. It may be worth your time to do a little research and see what your options are. You can always prequalify for a personal loan to get a better idea of what kind of interest rates you will qualify for.

The second main advantage of using a personal loan for student debt is that if you are struggling to make your monthly payments because they are too high, you may want to consider a personal loan with a longer repayment period to lower that monthly payment. Be warned that you may end up paying more interest, but it may be a trade-off for someone that is struggling.

What are the disadvantages of personal loans to pay off student loans?

There are a few disadvantages of using a personal loan to pay student loan debt and they include the following.
– Loss of federal student loan benefits: Some federal student loans come with extra protections and forgiveness options that personal loans may not offer.
– Higher interest rates: Personal loans can have much higher interest rates than student loans depending on your credit situation.
– It May be hard to qualify: If you are fresh out of college, you may not have the credit history needed to take on a personal loan.
– Student loan interest is tax-deductible: Each year you can use your paid interest on student loans to decrease your tax burden.

You may want to take a hard look at these disadvantages before taking on a personal loan to pay off your student debt.

Where can I get a personal loan to pay off student loans?

Before securing a personal loan or debt consolidation loan you should compare offers. At Acorn Finance, you can check offers within 60 seconds or less without impacting your credit score. With several top national lenders competing for your business on one platform, the lender and the borrower win. As a borrower, you can compare offers and select the best one using a seamless and quick process. As a lender you can have more opportunities to fund loans.

Closing Thoughts

Consolidating student loan debt can help you save money while making debt more manageable. Rather than having several monthly payments, you can consolidate debt and just have one monthly payment. While there are many benefits of using a personal loan to consolidate student loan debt, there are some cases where it won’t make sense. Always evaluate total loan costs and make sure you can afford monthly payments before committing to a loan. At Acorn Finance you can check offers for personal loans or debt consolidation loans without impacting your credit score.

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