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Should you pay off your credit card or student loans first?
To answer this, consider the interest rate on your credit card and the interest rate on your student loan. Because credit card debt, by nature, is most likely the highest interest debt that you鈥檙e paying, McClary suggests paying that off first if you are someone who carries a balance on your card from month to month.
Should you pay off student loans or declare bankruptcy?
They offer options like income-driven repayment plans that can help keep payments affordable if your income is low. Interest paid on student debt is also tax-deductible, saving you more money in the long-run. On the other hand, student loans have been historically more difficult to discharge in bankruptcy than consumer debt.
Is it illegal to put student loan funds toward debt?
Debts, however, are not mentioned. This means it is technically illegal to put student loan funds toward debts, even if the misuse of student loans is difficult to track and enforce. Still, you need to know that you could get in trouble with your loan originator for violating your lending agreement.
Can earned income be used to pay off student loans?
Since student loans can cover the full cost of education and living expenses while in school, earned income can be used for paying off debt. After the debt is paid off, income can be used to reduce student loan borrowing.