Oh student loans. So many of us have them, right? You might have them, or maybe someone close to you has student loans and that’s why you are reading this article.
For me, I am all about paying down student loans as quickly as possible. They are probably your biggest or one of your biggest monthly payments each month, and the stress that comes from that can be very high.
Here are my four tips to pay down your student loans as quickly as possible:
If you want to pay down your student loans quickly, then you need to look into decreasing your budget. There are probably some expenses that you can cut down when it comes to your budget, and you should look into those. Either look into cutting something completely out or seeing if you can pay a little less.
One way to do this is to ask for a discount or to see if you qualify for a cheaper plan. There is probably something similar to this that you can do.
2. Make more money.
Making more money is possibly one of the quickest ways to pay down your student loans as fast as possible. You can always cut your budget, but there is a limit to that. With making more money, there is really not a limit to how much you can make, and this is how you can get ahead when it comes to your student loans.
3. Sign up for automatic payments.
If you cannot remember to pay your student loan payment each month, then you might want to look into paying your monthly payment automatically each month.
Another positive of doing this is that you will most likely qualify for an interest rate decrease when you do this as well. Your interest rate may be decreased by something like 0.25%. Nothing too huge, but it’s easy money saved and can definitely add up over time!
4. See if your employer will pay down your student loans.
There are quite a few employers who will help you out with your student loans. I know that some schools if you become a teacher for them will help you forgive your student loans. Also, some hospitals will pay you extra (such as $2 extra an hour) so that you can put it towards student loans.
What tips do you have for someone who is looking to pay down their student loans?
Do you currently have student loans?