If it's a "legitimate" company offering a refinancing option, you can avoid such calls for him by putting his number in the donotcall.gov registry.
But welcome to the world of VoIP where anyone can get a phone number in any country, and have a bot or a human work on randomly dialing people to exploit, since a near zero success rate will easily pay more ...
They're lying about being with William D Ford.
It's no different when the "virus on your PC" scammers claim they're with Microsoft.
You can tell, because when you googled their callback number, it didn't pop up an official William D Ford website, and it didn't pop up an 800notes.com page with 5 years of entries saying the number is legit.
The William D Ford Direct Loan Program is usually just referred to as 'Direct Loans', which covers several types of federal student loans: Direct Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans. Nelnet is one of the major federal student loan administrators, so your loans are most likely already under the Direct Loan ...
Max out your 401k
Having paid off this debt, now, max out that 401k. Not to the match; all the way. And get $20k in there for 2019 still! Because you don't want to eat up your 2020 contrib limits, so you can max it out in 2020 also.
I gather your low expenses are because you still live with your parents, which I imagine puts you on your 20s. This is ...
Another aspect worth mentioning: taxes.
Without taxes, paying off a loan at 6.8% is equivalent to earning 6.8% on a guaranteed investment.
However, earnings on an investment are taxable in most jurisdictions, but there is no tax due on the money you save by paying off a loan early.
If you're in the 20% marginal tax bracket, then saving 6.8% on a loan is ...
Pay them off now.
Paying off your loans is a guaranteed 6.8% return on your money. Consider it this way: would you take out another loan at that rate now so you could do something else with the money? I highly doubt it. The stock market has returned more than that historically on average, but not enough more and not reliably enough to make it worth ...
Reasons to not close your debt:
You can make more than 6.8% return somewhere else
You fear an unexpected expense in which you need temporary cash
Reasons to close your debt:
Even if you believe you can make more than 6.8%, nothing is guaranteed and you end up losing money on interest.
Debt is leverage. That extra $20k is not yours. If you lose it, the ...
Short answer: Pay off all the loan. Always check out the possible early loan payoff penalty and find a way around it.
Assume you are living in the USA, the saving account is paying you less than 1% interest for the cash inside the bank account.
Unless the loan is part of your business that gives you a monthly positive cash flow against the interest paid, ...
To put this into perspective, you are paying ~$1500 interest annually (gradually decreasing), or $132 monthly.
All the while, you have money sitting in your bank account doing seemingly nothing.
Looks to me you're off to a good start being debt-free at this point, while still keeping a healthy chunk of cash in your bank account.
Make steady payments to your loans. Your loans will diminish in the percentage of your salary as you increase in income.
Make hard investments in land, 401k, stocks etc which will increase in value as the years go by.
Buy land anywhere corporate or private, the value of land tends to recover through 10 t0 30 years cycles of recessaion.
I dont know what you decided to do in the end...it would be interesting to know... but I would definetely try to renegotiate leveraging on a possible default position (that will be what Mr Trump would do...). Truth is, there is nothing they can do to you outside of the US and most likely your school, considering your personal situation, would much rather try ...
You're unlikely to be losing out
Unless the amount you repaid each month went down throughout the year, you wont lose out due to compound interest. This is because when the SLC receives the annual lump sum of payments that HMRC collected from you, they assume 12 equal monthly payments were made and retrospectively calculate the interest accordingly.
How to ...