4 Facts You Should Know About
Student Loan Interest
1. Interest Can Accrue Even When
You Aren’t Making Payments
In many cases, loan interest
will continue to accumulate even if you aren’t required to make full payments
toward the principal balance.
2. Consolidation Doesn’t Always
Save Money on Interest
Student loan consolidation is
often recommended as a tool for cutting the cost of student debt, but it
doesn’t always do so.
3. You Can Take Advantage of Tax
Breaks on Interest
Borrowers can deduct up to
$2,500 per year.
4. Interest Rates Make a Big
Difference
The best ways to reduce the
amount of interest you pay on student loans is by refinancing to a lower
interest rate.
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