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.

  • How long will it take to pay off my student loans?

  • If you stick with the default, or standard, repayment plan for federal loans, you will have them paid off in 10 years. As long as the monthly payment is something you can afford, this is the easiest way to pay off your student loans.

  • 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.

  • Do you have to pay back student loans if you quit?

  • You do not need to pay back other student finance, for example grants and bursaries, unless you鈥檝e been paid too much. You still have to repay your student loan if you leave your course early. When you start repaying your loan and how much you pay depends on which repayment plan you鈥檙e on.

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