Strategic Debt Management for a Brighter Future
Dr. Sharma carries $280,000 in student loan debt at an average interest rate of 6.8%. While she's diligently making payments, the high interest accrual significantly slows down her progress toward becoming debt-free. She seeks a strategy that can reduce her overall interest expenses and shorten her repayment timeline, allowing her to invest more in her practice and future.
Using the HELOC Calculator, Dr. Sharma explored the possibility of using a Home Equity Line of Credit (HELOC) to refinance her student loans. By inputting her home equity, loan amount, and potential HELOC interest rate (assuming 4%), the calculator showed a potential savings of $35,000 in interest over the life of the loan. The monthly payments were slightly higher, but the accelerated payoff made it worthwhile.
Dr. Sharma leveraged the HELOC Calculator to quickly compare the total cost of her existing student loans versus refinancing with a HELOC. She then used the Student Loan Calculator to model different repayment scenarios with the new HELOC interest rate.
$35,000 in interest savings over the loan term
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