I have two kids in college.
(Dad doesnt contribute.)
Weve taken out private student loans to pay for their college tuition.
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I am currently paying all the interest, so as not to compound their loan amounts.
I do intend to use part of a yearly bonus to pay off some of the loans as well.
-K.
Dear K.,
Sure, its possible to get returns that are higher than the interest youre paying.
But the biggest rewards arent quantifiable.
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Think of how much less stressful living on an entry-level paycheck will be.
Think of the dreams they wont have to delay because youve made their debt more manageable.
But this isnt just about your children.
When youre on the hook for a substantial balance, student loans pose a realrisk to your retirement.
Reducing the balance will also help if you need financing for a major purchase.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
With federal student loans, borrowers have options like forbearance and income-driven repayment programs if they encounter tough times.
But with private student loans, borrowers are forever at the mercy of the lender.
If your kids can work part time so they can borrow less, that should be on the table.
Reducing this debt is hands-down the best way to use this $165,000.
Consider it a guaranteed investment not only in your childrens future, but your own.
Send your tricky money questions to[email protected].
It sounds appealing right?
Check it out here!
