How To Pay Off Student Loans FAST – 9 Methods

August 26, 2011

How To Pay Off Student Loans Fast

If you are looking for how to pay off student loans methods that will enable you to get your debt wiped clean way faster than normal, we’ve go you covered. Below will be 7 different methods that all show you how to pay off student loans faster than you every may have thought possible.

Pay Off Student Loans

How To Pay Off Student Loans – 7 ways

  1. The first way that we will suggest when it  comes to how to pay off student loans fast is to keep living like you are in college. Budget shopping has been done by all of us in college and is a great way to save money, a lot more than when you were in college because now you have a monthly check coming in from you job, allowing you to live like a student but earn career income.
  2. With many loan options out there, there the grace period as you might know, which allows you a 6 month timeframe where you don’t have to pay. Do not wait until the 6 month timeframe is up. Right when you are done with college, start paying your student loan payments from day one.
  3. If you can, pay more than the minimum. Student loan debt programs, or any debt programs for that matter, want to keep you around for as long as they can by giving low monthly payments, but you end up paying a lot more in interest. If you can double up, or even add an extra 30 dollars each month, you will be able to pay off student loans faster. While were on the subject, you should try to pick the shortest repayment plan available.
  4. Another remedy to your how to pay off student loans quicker is to negotiate your the offer you get on your first job. Also, you should wait it out, if possible and not hop on the first job you get, try to find one that pays a little more, say 1500 more, so then you can pay off your debt with that extra 1500.
  5. Another way when it comes to the subject of how to pay off student loans a lot faster is to start saving for retirement. I know it may sound strange but saving for retirement while you have student debt does more than just help set you up financially when you hang it up, it actually provides you tax benefits. If you enroll in what is called a Registered Retirement Savings Plan (RRSP) you will pay less tax. Also, you can always decide to take out what you saved in retirement as one large last payment to finish off your debt completely. So this method can be very powerful.
  6. Another way when askign how to pay off student loans faster is: Do not let instant gratification hinder your from paying off your debt. In other try to avoid the “shiny object” plague until after your student debt is paid off. Although you have to treat yourself sometimes. kind of like a diet eating 6 days health and eating up on the 7th day, but try to stay as disciplined as you can.
  7. There is also the option of loan forgiveness programs where you can get a big part of your debt wiped out by working jobs that allow this option through your loan lender. The best thing to do for this option is to ask about it through your loan lender.
  8. You can also consider conolidating your loans as this has proved to be a money saver.
  9. Another way when it comes to how to pay off student loans faster methods is to use a student repayment calculator which will really put it into perspective on how long it will take out at the rate you are paying now, as well as showing your how much time and money you can save by paying a higher payment.

How To Pay off Student Loans – Conclusion

Now you know some of the best methods when it comes to your question how to pay off student loans fast. These ways have enabled many students to pay off their student loans in a one figure time frame instead of two figure time frame. Hopefully this methods will do the same for you!

Category: How To Pay Off Student Loans FAST

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