It’s no surprise that the cost of college and university tuition is astronomical in the United States.
Student loans can be tricky business, as most people tend to commit to them before really understanding what they’re getting themselves into. Here is a quick guide with some helpful tips and tricks to paying off your student loans faster:
Three Ways To Pay Off Your Student Loans Faster
- Make more than the minimum payment – Making only minimum payments will make it nearly impossible to pay off your loans. Whatever extra you can pay monthly, every little bit helps. You could even consider making payments every two weeks instead of once a month in order to get caught up more quickly.
- Consolidate and refinance – Refinancing is one of the best moves you can make to decrease your interest rates, and pay off your loans faster. If you consolidate all of your loans, you can end up with one flat monthly payment, instead of several, which can be wildly helpful in getting your loans paid off. Lower interest means a lower monthly payment, which can make your student loan debt less daunting, and easier to get caught up.
- Figure out your pay off date – While this won’t help in the immediate, having this understanding can serve as powerful motivation. This knowledge alone may help you to make better decisions toward repaying your loans. The best way to do this is to use the National Student Loan Data System to view your federal loans. Find out more online at https://studentaid.gov/. Once you know your pay off date, you can come up with a realistic game plan for tackling your debt. You could look for a job that offers student loan forgiveness, apply your raises, trim your budget, or take on a part-time job or side hustle.
There are lots of great options for paying off your student loans faster.
Choose the options that make the most sense for your lifestyle, and think about where you can cut your costs. Prioritizing your student loan repayment strategy now can have a serious impact for the long haul. If you think you would benefit from my financial coaching program, request your 45-minute Initial Discovery Session here.