Pay off my student loans

 

pay off my student loans

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Pay off my student loans

I’m surprised at how often this question comes up.  Normally it is in the context of “I owe X dollars and I have X dollars sitting in the bank, should I use it all to pay off my student loans?”

The answer to this question is almost always to just pay off your student loans.  However, most people think they fall into some exception that makes their situation different.  Most people are wrong.

No you are not.  You may have heard about people settling their debt for pennies on the dollar, but you are likely in an entirely different situation.  Have you fallen behind on your student loans?  Does your phone keep ringing off the hook?  Has your debt been sold to a collection agency?  If you answer was no to all of these questions, then you are in no position to “haggle” to get a lower payoff amount.

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