how to pay off student loan debt

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9 ways to pay off your student loans fastMake additional payments. If you can afford it,make larger payments to cut the principal more quickly and reduce the total payoff time.Establish a college repayment fund. If you鈥檙e not sure how much more you can devote to your student loans every month,set up automatic transfers to a separate savings …Start early with a part-time job in college. …More items…

People also ask

  • How do I pay off my student loans?

  • Pay off student loans with the debt snowball. The debt snowball method has helped a ton of people dump their debt, and it can work for student loans too. First, list all your loan debts (private loans, secured loans, unsecured loans鈥攜ou name it) from smallest balance to largest.

  • How can I lower my student loan debt?

  • This is likely one of the easiest ways to lower your student loan debt. Many student loan lenders offer a discount if you set up automatic payments for your student loans. This gives you an interest rate discount鈥攗sually 0.25%鈥攁nd could lower the total amount you repay.

  • Should you refinance your student loan debt?

  • Opting for a shorter term may increase your monthly payment. But it will help you pay the debt faster and save money on interest. 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.

  • Do you need to drag out your student loan payments?

  • There鈥檚 no need to drag out your student loan payments for the next five, 10 or even 20 years. When your money doesn鈥檛 have Sallie Mae鈥檚 name on it every month, you can do so much more with it. Just think about how many Beefy Fritos Burritos that freed up money could buy!

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