Why a student loan is more than just a credit card
The term student loan has come to mean much more than a credit score, as some banks have started to focus on it as an asset.
And it’s getting more complicated, thanks to a $7 trillion student loan market.
With interest rates skyrocketing, borrowers are facing more debt.
And if they’re going to pay it off, they’ll need to save for retirement.
Now, there are some advantages to paying off student loans as soon as possible.
Here are five ways to save your student loan debt for retirement: 1.
Keep your student loans out of your favor.
It’s tempting to think that your student debt is a burden on your retirement savings.
But if you’re saving for retirement, you’re going through the same financial struggles you’ve always been in.
You’ll still need your loans, and your interest rates are going to rise.
There are a few things you can do to minimize your debt burden: Take out a qualifying Stafford loan.
You don’t have to pay interest on your Stafford loans.
But the interest you pay on a qualifying loan can be cheaper than paying them off.