7 Ways To Pay Off Your Student Loans Years Sooner

There is no question that student debt is increasing at an alarming rate. If you are struggling to pay off those school loans, here are 7 ways to help you end your debt sooner.

It can be tough to use bonuses, raises or even tax refunds to pay down debt, but extra money can be a great way to pay down debts far quicker than just making our regular payments.

Funnel Bonuses and Raises to Your Debt

The next time you find yourself with a little extra cash, devote at least some of it to your student loans. Over time, funneling newfound money to your debts will help you reduce and eliminate your debts much faster.

Just as with a home mortgage, refinancing your student loans can help you reduce the amount of debt that you owe. Many working professionals refinance their student loans to reduce their interest rate.

Refinance Your Student Loans

Paying more than the minimum will help reduce the total amount of interest that you will pay (without refinancing) over the course of the loan and will also eliminate your student loans much sooner than just paying the minimum.

Pay More Than Just the Minimum

In certain circumstances, you may be eligible for student loan forgiveness. Student loan forgiveness can eliminate a portion (or all) of your student loans.

Apply for Loan Forgiveness

But, you need to qualify based on your profession. For instance, teachers can often apply for student loan forgiveness along with those who work in public service.

Instead of making single monthly payments, make biweekly payments (or payments every two weeks). Over the course of the year, you’ll end up making an extra payment every single year and you probably won’t even notice it.

Switch to Biweekly Payments

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