7 Ways To Pay Off Your Student Loans Years Sooner

Collectively, we owe more than $1.7 trillion in student loan debt in the United States, according to the Federal Reserve.

The $1.7 trillion in student debt is a 3% increase from 2020 and a far cry from the $905 billion that we owed just 11 years ago. Around 70% of college students graduate in debt.

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.

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.

Borrowers commonly choose to shorten repayment terms, which will increase the minimum monthly payment but drastically reduce the interest rate.

Refinance Your Student Loans

Pay More Than Just the Minimum

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.

In certain circumstances, you may be eligible for student loan forgiveness. Student loan forgiveness can eliminate a portion (or all) of your student loans. But, you need to qualify based on your profession.

Apply for Loan Forgiveness

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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