Smart to get a bank loan to pay off student loans?
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i have loans from a school that treated me like garbage and basically turned me into a failure. is it smarter to get a bank loan or some other type of loan to pay of your student loans then to just pay them monthly. I want them gone. It seems to me having a bank loan would be better then student loans
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Answer:
Nope! That would be dumb. The interest rate you pay on the student loans is MUCH lower than you could ever get on any other type of loan. In the long run that would cost you a lot more in total.
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Other answers
Bank loans need collateral and are usually at a higher rate than student loans. Plus, the bank won't give you deferrals in hard times like the student loan system will. Why do that, then?
Nancy Kay
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