If you're faced with a hefty amount of student loan debt, you're among the majority of people. When coupled with consumer debt from credit cards or other loans, your financial obligations can feel insurmountable. The key is create a plan. This calculator shows you how when you consolidate your students loans and then use your savings to pay down your higher-interest non-student loan debt. Each time a debt is paid off, the money you applied to that debt each month is directed toward the next debt you owe.
Student Loan Consolidation and Debt Payoff Calculator
The Student Loan Consolidation and Debt Payoff calculator applies two simple principles to paying off high-interest debt. First, consolidate your existing student loans and second use your payment savings to accelerate the payoff of your higher interest non-student debt. The student loan payment savings is applied to one credit card or loan until that balance is paid in full. Then the entire payment that was going to that debt is then applied each month to your next credit card or loan. This continues until you have rolled through all of your balances and your non-student loan debt is paid in full.