how to pay off a student loan

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  • What are the best ways to pay off student loans?

  • Another method you can try with paying off student loans is switching from monthly to biweekly payments. Similar to making biweekly mortgage payments, this tactic means you’ll have to make one extra loan payment per year.

  • What happens if I pay extra on my student loans?

  • Paying a little extra each month can reduce the interest you pay and reduce your total cost of your loan over time. Continue to make monthly payments even if you鈥檝e satisfied future payments, and you鈥檒l pay off your loan faster. Ask your servicer if the additional payment amount can be allocated to your higher interest loans first.

  • How long does it take to pay off student loans?

  • Federal loans offer income-driven repayment plans, which can extend the payoff timeline to 20 or 25 years. You can also consolidate student loans, which stretches repayment to a maximum of 30 years, depending on your balance.

  • Should you refinance to pay off student loans faster?

  • For example, refinancing $50,000 from 8.5% interest to 4.5% could let you pay off your student loan debt nearly two years faster. It would also save you about $13,000 in interest, even with payments that stay about the same.

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