How to save $20,000 Fast
Years and years of battling with student loans has come to to an conclusion. I am no where near done paying them off but I finally was able to find a lender that would consolidate all of my loans into 1. I went into college completely naive to what it was actually going to take and the fact that I would be renting my education for a minimum of what I thought would be 25+ years.
I went to a private art school for a while and then transferred to a major university in Wisconsin. I switched my degree about 5 times before I settled on Kinesiology with a business minor. I had to take summer sessions and winter sessions to get out in 5 years. I ended up with the maximum number of credits you could have before they actually start to charge you double for your classes.
All of this means I walked out with $70,000+ in student loans. I took as much as the federal government would allow but also had about 12 different mini loans through other vendors. I worked for a not-for-profit so money was tight and I needed a payment plan that would allow me to still eat some food. I chose the escalating plan. This means that every 2 years the amount I would pay towards the loans would increase. In the past year my loans have been sold to other vendors and the interest rates have doubled, and the amount I am paying has changed bi-monthly. I have been paying about $700 a month in student loans. This is why I say I literally rent my education. (I also always make a joke of… I can’t wait to see my mental capacity when I have access to 100% of it).
I have investigated over the past 8 years the best way to consolidate this and get these paid off as soon as possible and finally I was able to find a lender that would consolidate ALL of them, including my federal loans into 1 payment.
(Before you ask, I am not eligible for the federal forgiveness because I was under the minimum requirement).
Lendkey has been so amazing! The company is easy to work through, the process was informative and they called me when I needed more documentation. When I couldn’t understand what I needed exactly I called and talked an employee that confirmed what I needed and we laughed about the entire process.
In 1 week I was able to submit all the documentation, get approved and now I will be student loan FREE in 5 years. instead of 18!!! I will be saving a minimum of $20,000 in the duration of those student loans. It would have taken 7 years to payoff the loan at my previous payment amount. I decided to increase the amount I am paying each month by 20% so I can be finished in 5 years. This will save me an additional $2500 in interest.
I wish I would have found this company sooner and in result I wanted to share. If I can help 1 person, writing and sharing is worthwhile.
Author & Referral: Raschel Biagioli