6 Reasons To Treat Student Loan Debt Differently

"Credit card debt is often our most expensive debt, and I recommend paying it off ASAP, especially before you look to pay off student loan debt," says Zoy.Board of Governors of the Federal Reserve System

While federal student loans come with fixed interest rates based on the year you took out the loan, they aren't anywhere close to the average rates for credit cards right now, which are also variable. If you're paying off debt on a card that is charging anywhere near the average rate, you should look into ways to pay off that debt more quickly, perhaps through debt consolidation or a balance transfer credit card.

And, even if you don't want to do income-driven repayment, you can pay off federal Consolidation Loans for up to 30 years, or opt for an extended repayment plan for federal student loans that lasts up to 25 years.

"Outside of mortgage interest and business loan interest, no other interest is deductible on taxes," said Cieniewicz.While we don't yet know what will come of Biden's student loan forgiveness plan after the Supreme Court issues their final ruling,. For example, it's possible President Biden will try to erase some federal student loan debt for eligible borrowers through executive action.

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