If you’re trying to make payments on your student loans, you may want to think about paying off the balance in full.
That’s the advice from financial analyst, financial expert and former Bank of America Merrill Lynch employee David Grosz.
“I would definitely suggest you make your student loan payments in full,” Grossz, a financial planner at New York’s Savvy Financial Group, said in an interview with Financial Times.
“If you’re paying it off in full, it’s not necessarily that you’re going to have to make those payments in a few years’ time, but if you can make that payment in a reasonable amount of time and do it without a lot more debt coming in it’s better for your future. “
“You can be much more efficient with your finances and have a better future. “
It’s not like you have to be a financial genius.” “
You can be much more efficient with your finances and have a better future.
It’s not like you have to be a financial genius.”
Gros, a graduate of Cornell University’s Stern School of Business, was also a financial advisor to the US government and has advised on the $1 trillion bailout of the global financial system.
“What you can do is take advantage of the money that’s coming in from the Federal Reserve,” he said.
“But that money can be used for anything that you want, but the biggest risk is not making it available for other things.”
Graz said the best thing to do is “make it available as soon as possible”.
“You might be in a better position in five or 10 years’time to be able to pay down your student debt,” he added.
“Don’t worry about it now, and do your best to avoid it in the future.”
Student debt: what to do if you’re struggling to pay it off article The Financial Times reached out to the Federal Government and the Department of Education for comment, but neither agency replied by press time.
The Department of Health and Human Services (HHS) said it was working with the federal government and the states to help people make their payments on student loans.
“The student loan debt can be one of the biggest obstacles to getting a job or getting into a college,” the department said in a statement.
“We’re working with states to make sure that people with student loans are able to get into college and have access to financial aid.”
“Our government’s student loan assistance programs will continue to be available to borrowers in good standing with the right financial resources, including grants, loans and loans with a low monthly payment.
We encourage all borrowers to apply for help with their student loans and we will make every effort to help you make the best of the financial situation.”
The National Student Loan Justice Network said the federal Government’s efforts to help borrowers are “working well”.
“The Student Loan Forgiveness Act is the first step towards eliminating student debt for millions of Americans,” said John T. Wilson, the group’s executive director.
“With the help of the Obama Administration and states, tens of millions of borrowers are getting relief from student debt, and more than 1.5 million borrowers are now in repayment.”
But the Student Loan Incentive Act of 2018 is a much bigger step forward.
It is the largest increase in government assistance to date, and it will help millions of American families with student loan debts.
“Today, the federal student loan program is more than half the size it was just 10 years ago.
It will provide more relief to students, and borrowers with outstanding student loans will have more time to find jobs and pursue their education.”
The Financial Aid Council said that while the Federal government’s Student Loan Assistance Program (Sallie Mae) had increased in size by more than $3 billion since its launch in 2008, the number of borrowers eligible for the program had increased by only $1.8 billion.
The Financial Education Assistance Program for College (FEAP) was also expanded by $1 billion since the launch of the program in 2008.
The total number of eligible students was up by more that $5 billion, but FEAP’s growth was not reflected in the number who received aid.
“As we work to reduce the burden of student debt and to reduce student debt service, we must ensure that borrowers have access and are able the services that are most affordable,” said Michelle E. Henshaw, the chair of the Financial Aid Counseling Council.
“By providing more relief for borrowers, the FAFPA will provide even more help for families and students with outstanding federal student loans.”
If you or anyone you know needs help, contact the National Student Debt Crisis Hotline on 0800 1111 or visit www.nationalstudentdebt.org.au.