June 18, 2018
May 3, 2014
The slow reduction of the principal balance is definitely an issue.
Refinancing is certainly one option… get a lower interest rate and more of your monthly payment will go towards principal.
As for SC Student Loan, that is not a company I am familiar with. What I can suggest is that there are many different refinancing companies. Shopping around is by far the best way to get the lowest rate possible. Here is a list of over a dozen national refinance lenders: https://studentloansherpa.com/student-loan-reviews/
Another option is to pay extra each month. When you pay extra, that money all goes towards principal.
Often the best option is to refinance at the lowest rate available and then pay as much as possible. This route ensures minimal interest spending.
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