What they’ve done seems cool so far; I’m not sure it’s necessary if you only have a couple of loans, but if you have a half dozen or more this may definitely help keep them straight. You probably know by now that if you stop paying a credit card bill, your credit score goes down and it will be difficult to get new credit when you need it.The bank will send your account into collections and you’ll get lots of phone calls and letters until you pay up.I made a spreadsheet with all of my student loans, their balances, monthly payments, and interest rates.

consolidating loans with your spouse-47consolidating loans with your spouse-3consolidating loans with your spouse-78

In addition to taking you to court and garnishing your wages, the government can withhold any tax refunds.

If you default on student loans guaranteed by your state’s finance authority, there may be additional consequences such as suspension of your professional license (for example, to practice law or medicine) in that state.

Here are three examples: In this scenario, you have student loans at 5 percent and have a conservative expected annual investment return of 7 percent.

Over 20 years, the difference between repaying your loans early and using that money to invest adds up to $18,000.

shows you charts of your loans by balance, payment, and APR, so you know where to focus your payments.

You can also get targeted advice on applying for options like deferments, payment plans, forbearance, or consolidation.But if you’re older, wiser, and deeper in debt, how do you attack those student loans?Specifically, if you find yourself with extra cash, should you pay down student loans early? I recorded this video to very quickly answer why: We’re going to get into the pros and cons of repaying student loans early versus hanging onto that money for things like an emergency fund, retirement, a home, or even just having fun.You can even be taken to court and a judge can order your wages garnished.If, however, you get into such serious financial straights that you need to declare bankruptcy, a judge may rule that you do not have to pay credit card debts and you get a fresh start.(For those curious, I had student loan interest rates of five percent and 7.6 percent and only made regular payments until my balances were about

You can also get targeted advice on applying for options like deferments, payment plans, forbearance, or consolidation.But if you’re older, wiser, and deeper in debt, how do you attack those student loans?Specifically, if you find yourself with extra cash, should you pay down student loans early? I recorded this video to very quickly answer why: We’re going to get into the pros and cons of repaying student loans early versus hanging onto that money for things like an emergency fund, retirement, a home, or even just having fun.You can even be taken to court and a judge can order your wages garnished.If, however, you get into such serious financial straights that you need to declare bankruptcy, a judge may rule that you do not have to pay credit card debts and you get a fresh start.(For those curious, I had student loan interest rates of five percent and 7.6 percent and only made regular payments until my balances were about $1,000 each—at which point I paid them off in full.)Usually I prefer to set up automatic payments through my bank’s online billpay because I can control them all in one place.

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You can also get targeted advice on applying for options like deferments, payment plans, forbearance, or consolidation.

But if you’re older, wiser, and deeper in debt, how do you attack those student loans?

Specifically, if you find yourself with extra cash, should you pay down student loans early? I recorded this video to very quickly answer why: We’re going to get into the pros and cons of repaying student loans early versus hanging onto that money for things like an emergency fund, retirement, a home, or even just having fun.

You can even be taken to court and a judge can order your wages garnished.

If, however, you get into such serious financial straights that you need to declare bankruptcy, a judge may rule that you do not have to pay credit card debts and you get a fresh start.

(For those curious, I had student loan interest rates of five percent and 7.6 percent and only made regular payments until my balances were about $1,000 each—at which point I paid them off in full.)Usually I prefer to set up automatic payments through my bank’s online billpay because I can control them all in one place.

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You can also get targeted advice on applying for options like deferments, payment plans, forbearance, or consolidation.

But if you’re older, wiser, and deeper in debt, how do you attack those student loans?

Specifically, if you find yourself with extra cash, should you pay down student loans early? I recorded this video to very quickly answer why: We’re going to get into the pros and cons of repaying student loans early versus hanging onto that money for things like an emergency fund, retirement, a home, or even just having fun.

You can even be taken to court and a judge can order your wages garnished.

,000 each—at which point I paid them off in full.)Usually I prefer to set up automatic payments through my bank’s online billpay because I can control them all in one place.