How will I pay off my student loans? How long will it take me to pay back my student debt? These questions may run through your mind often. With the cost of education continually rising, it is no wonder people are worried about how they will pay for education. According to studentloanhero.com, With over 44 million American borrowers, they owe over $1.48 trillion in student loan debt. Whether you are just starting college, just graduated, or have been out of school for a while, consider these tips to help pay off your student loan quicker.

Make An Extra Payment

Making an extra student loan payment each month is a great start to paying off your debt faster. Your extra payment can be of any amount. Remember that a little adds up. It is important to pay at least the minimum each month. Every few months, you can consider making an extra payment. Make sure to let your lender know that the additional money you are paying will be going towards an extra payment and specify that it is for principal only. This will limit the amount of interest that adds up. Without this step, your lender may hold the extra payment and add it to the following month’s payment. While this may not seem like a bad option, it turns out that you will be paying more interest.

Refinance Your Student Loansstudent loan payment

Refinancing student loans is a great way to help pay off your debt faster. So why should you refinance? Refinancing helps to lower the interest rates, allowing more of your payments to go towards your student loans. One option you can choose is to refinance multiple student loans. This will give you one consolidated loan that has one monthly payment. You can also choose to refinance only one loan for a lower rate. It is important to refinance loans where you will be able to decrease your interest rates.

Pay More Than The Minimum

If you are able to, paying more than the minimum payment each month is a good idea. You can pay the minimum payment with no penalty. Since interest is always accruing on your principal balance, paying more than the minimum can help reduce the cost of your student loans. Use the repayment estimator to find out your estimated payments HERE.

Lump-Sum Student Loan Payment

Whenever you receive a bonus or tax refund, it is a wise idea to apply a large chunk of it towards the principal of your student loan payments. It is a great way to help decrease your student loan payment for the future.

The Family Credit Union

If you or your child is just getting started with college, The Family Credit Union located in the Quad Cities offers a private student loan program to help pay for additional college expenses. To learn more about our student loans program, click HERE. The Family Credit Union is here to help you or give you advice on all of your educational expense needs.

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decreased mortgage interest rates

Are you looking for a house or thinking about refinancing your current home? As of July 1st, 2019, our mortgage interest rates have decreased. Our 10 year fixed rate mortgage allows you to pay it off quicker because of it being a low rate term. We also have 15, 20, and 30 year fixed rate mortgages so you have options! If you choose a 30 year mortgage, they have a 5/1 and 10/1 adjustable rate. We have financing up to 97% available, as well! And you don’t have to wait long. Pre-approval is usually within 24 hours.

Our mortgages are locally processed and underwritten. Payments are made easily at your local Family Credit Union branch! Now may be the perfect time if you have been thinking about moving into a home! With decreased mortgage interest rates, you can look into getting your dream home! Contact our loan department for current rates.

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mortgage rates

 

 

NMLS #405476

Contact: Adam Lounsberry: NMLS #463993 at (563) 362-9531, ext. 9415

The Family Credit Union doesn’t want your auto loan to be intercepted by high interest rates. You can refinance your current auto loan with Michael Manternach at the Northwest Davenport branch of The Family Credit Union for a lower rate.

Football PlayerLet Manternach Tackle Your Loan

Michael Manternach may be a name you recognize. He graduated from Assumption High School and was Team Captain on the University of Central Missouri Mules. Michael knows how to play tough and protect his team and he takes that knowledge to make sure you have the lowest auto loan rate possible.

Give Michael a call at 563-388-8328, ext 9417 and schedule some time to sit down and do a financial health check. He’ll be able to show you where you can save money and time with our long line of products and services. Michael and his team at The Family Credit Union are driven to get you the best deal.

Michael has helped many people get new loans or refinance the ones they have and will work to get you the best loan possible. He’ll assist you in showing you ways that you can make changes to help your financial position. He can show you optional products, such as Debt Protection and Auto Loan GAP Coverage. Contact The Family Credit Union at 563-388-8328 or click HERE for more information.

Score With Auto Loans and More!

In addition to great rates on auto loans, The Family Credit Union also offers great services like mortgages, MasterCards, IRA’s, and more. Become a member today and begin using all the innovative products and services that The Family Credit Union has to offer. You’ll work with a local person, like Michael, face-to-face with a personal touch.

Micheal Manternach and the rest of The Family Credit Union team are waiting to work with you to make your financial dreams a reality. Contact us today and let us get to work making the best use of your money. We look forward to hearing from you!