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Reply to "How to minimize monthly interest ($550/month) accruing on student loans?"
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[quote=Anonymous]Yes, if your loan provider will let you pay that way, paying 225 a week will pay it off slightly faster than $900 a month. Better is to play around in Excel with the PV, nper, pmt and FV functions to figure out how much more in payment gets it down after. Better still is to find 2-300 more a month to pay it down even faster. Do you own a home and aren’t moving for a while? You could take out a home equity loan at a lower rate, and then pay that off. That is more likely to be tax deductible, depending on your income level. You could also roll it into a low or temporarily low interest credit card but only you know if you can pay it off within the terms. Both of those options above are a little unorthodox but do have a lower rate associated with them. [/quote]
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