You may think that student loan debt is going to follow you around forever, but what if there was an easier way?
Surprisingly, you don’t need a six-figure income to conquer your debt. There are much easier ways that anyone and everyone can do to get their debt down low and under control.
Keep reading for nine easy ways on how to pay off student loans quickly.
1. Keep Living Like a Poor College Student
Pretty much every college student feels like they’re living the poor college student life. Even though you’ve graduated into adulthood, it may be easier to keep living that same lifestyle. Putting your extra cash into your student loans will help you a lot in the long run.
You may also want to take out quick loans to help you if you’re in a bind while paying off your loans. If you put the majority of your paycheck towards paying off your loans this will definitely help you pay them off quicker. You can also focus more on your job and working so you will be able to enjoy a more fun lifestyle late on in life.
2. Pay The Smallest Loans Off First
You should sit down and look at all the loans you need to put off so you can determine which loans are the smallest. You should try and pay off these loans first because they are more manageable. This will also help because then you will have fewer loans to pay off as time goes on.
You will be knocking your loans down one by one and getting rid of them quicker. This will also help you have less debt in the long run.
3. Split Your Payments Into Twice a Month
One rule you should implement into your life is paying your student loan payments every other week.
You will be paying half of your minimum balance due with every paycheck as long as you get paid bi-weekly. If your balance due every month is $400, then with every paycheck you will be paying $200 to your student loans.
This will benefit you in many different ways. First of all, it will be easier for you to pay your balance every month because you will be splitting it up. You will also be making a months worth of extra payments in a year.
4. Make Extra Payments
If you have a little extra money when making your student loan payment, then try paying as much as you can whenever you can. There isn’t any penalty for prepaying or paying more than the minimum that’s owed.
You can pay extra anytime throughout the month or make a bigger payment once a month. Either way, you will be saving money in the long run. Paying more sooner will help you cut down on the interest that you owe which will really help you pay off your loan faster.
Make sure you let your loan company know that you are paying extra. Tell them not to just apply it to your next month’s balance. This is what is going to help you in the long run.
5. Sign Up For Auto-Pay
Signing up for autopay may not make the biggest impact on your student loans, but it will definitely help a little bit. First of all, you will be sure that you are always paying your balance every month because it will automatically be deducted. You also won’t have to worry about any late fees.
You should also check and see if your lender will give you a discount just for enrolling in auto-pay. Usually, that discount can be 0.25 percent, but anything and everything can help pay off your student debt faster.
6. Use The Standard Repayment Plan
If you are unable to make big repayments on your student loans, then the best thing you can do is stay on the standard repayment plan.
There are many different options when it comes to paying off your student loans and sticking to the standard plan will be your best bet for paying off your loans.
For example, federal loans offer income-driven repayment plans but this can extend the time that it takes you to repay your loan to 20-25 years. There is also an option to consolidate your loans but that can extend the time it takes to pay off your loans to 30 years.
If you do not require these plans, then stick to the basic repayment plan.
7. Make Extra Money
Try to find a way to earn extra money that can help pay off your student loans faster. You should try to find a side hustle while you’re young and have a lot of excess energy. There is always going to be time later to have fun and do whatever you want.
You can use as much time and effort that you want when it comes to making extra money. There are many online options you can go to or you could even start your own online business. Try to pay off as much as you can as soon as you can to make a huge impact on your student loans.
8. Refinance Your Student Loan
If this is an option for you, then refinancing your largest student loan might be your best bet. This can help you save money as well as make you pay off your student loans faster.
You will also want to make sure that you’re getting a better interest rate if you plan on refinancing your loans with a private lender.
9. Ask Your Boss
It isn’t unheard of when discussing your salary or benefits to also ask what your boss can do for your student loans. Sometimes the way to get what you want is to ask for it.
Some government employees can receive up to $10,000 every year towards paying off their student loans. This can also be an option for nurses and teachers.
The best way to find out if this can work for you is to ask someone to help you out.
How to Pay Off Student Loans Quickly
Paying off your student loans may feel like you’re falling into a bottomless pit of debt, but it doesn’t have to be. There are many different options that you can use to help you pay off your loans faster.
Now that you’ve learned how to pay off student loans quickly, make sure to check out the job & career section of our blog for even more advice on how to make money.