There are no real downsides to getting a degree. Well, other than the crippling debt, of course.
That part can be a bit stressful. You don’t have to let your debt control you, though.
Student debt is manageable, no matter what type of budget you’re on. Here are three tips on paying off student loans fast and taking back control of your finances.
1. Use Autopay
You can actually get a discount on your interest rate by enrolling in autopay.
Autopay is exactly what it sounds like. The minimum loan payment will be taken directly from your bank account each month. This ensures you’re staying on top of your payments, and not jacking up your interest.
This takes a lot of stress off the average person’s back. It’s one less thing you have to worry about remembering!
You won’t get a huge interest rate saving by doing this. The federal student loan service only awards a quarter-point discount for it.
But making a payment every month will keep you on top of your payments and help you reach zero fast and stress-free.
2. Consolidate Your Debt
Some people use debt consolidation companies to make their loan payments easier. A debt consolidation company will take a loan and pay off your debt for you. Then, you just have to pay back the consolidation company.
A good consolidation will lower interest rates and offer better terms than before. You can consolidate just the one loan, or pull in other loans with your consolidation. This gives you one master sum that you have to work on paying off.
That means one single interest rate and set of terms for all your debts.
Consolidation isn’t for everyone, but for some, it’s the best answer. You can find out more about debt consolidation here.
3. Pay More Than the Minimum
When you start paying your student debt, the bank will give you a minimum amount that must be paid monthly. A good practice is to pay more than that.
You don’t have to pay over the minimum every month. The idea is to pay your loans, not go broke. But if you end up stumbling on some extra cash, you might as well put a portion towards your loan.
Try putting a small portion of your paycheck aside each month for student loans. Whether it’s $100 extra or $1,000 extra, your loans will go down much quicker this way.
other valuable tips:
Take Some Stress out of Paying off Student Loans
Never have second thoughts about your degree again.
Paying off student loans can be frustrating, but remember that it’s temporary. It’s just another hurdle that you’ll eventually soar over. As long as you make those payments and stay aware, you shouldn’t be too worried.
Follow the tips above and your student loan payments will vanish in no time. For more on college planning and enrollment, check out the rest of our blog.
Image Credit: Adobe Stock royalty-free image #78887285, ‘Saving for education’ uploaded by Brian Jackson, standard license purchased from
https://stock.adobe.com/images/download/78887285; file retrieved on July 2nd, 2019. License details available at
https://stock.adobe.com/license-terms – image is licensed under the Adobe Stock Standard License
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