Hi everyone!
I’m looking for advice on how to pay off my debt quickly and easily. Here’s a bit about my situation:
• Age: 23
• Total Debt: $34,567
• Private Loans: $7,000 at 16.9% interest
• Federal Loans: The rest of the debt
• Credit Card: $500 limit, not used much
• Car: Paid off
• Job: Active duty 2LT in the Army, stationed overseas in September
• Base Pay: About $4,814 per month
• Dependents/Marital Status: No dependents, not married
I’m considering using the Career Starter Loan, which is $35,000 at a very low rate, to pay off my existing loans. Is it worth considering the student loan repayment program? What do you think? Any advice would be lovely!
Posted by Strong_Dare_4360
2 Comments
If you have any your loans prior to military, you can call and ask them to apply the SCRA law which will lower the interest to 6% max.
No magic here to offer. Lifestyle choices are critical.
Focus on that high interest debt. Consider the career starter loan to pay off high interest rate debt but don’t view it as your cash to spend. Take only what you need and pay it off quickly from your active pay by living below your means.
Raises at 2, 3 and 4 years active will help a lot. Try to get that debt paid off so you can save more when you get those raises.