Georgia, Federal Student Loans

Georgia, Federal Student Loans

The first loan I took out was back in 2000 when I entered college in Georgia at Kennesaw State University. Before I knew any better, I had already racked up $28,000 in student debt. At that time, I didn’t realize how much interest I would accrue over the years. I thought the lower rates were great, but I failed to take into account what it actually meant in terms of my monthly payment. In fact, my total balance now stands at around $60,000! That’s almost half a million dollars!

Thankfully, these days, the rates have gone up rather than down. But unfortunately, they’re still quite high compared to what I was paying before. If you do a little math, you’ll figure out that I’ve paid about $600 per month for 28 years. So, if your current rate is 5 percent (which is pretty low), then I’d only owe $30,000 after working off my debt!

Is there anything else I should know?

In addition to the interest rate, there are some other things you need to consider. One thing is the repayment term. You don’t want to pay off your loans early since that means you’re not building credit. Also, remember that you won’t get a tax deduction for payments towards student loans. However, you may qualify for a tax refund for making certain charitable donations.

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