Little Ways to Pay Off Student Loans Faster

After you graduate college and begin to pay your student loans, it can feel as though you're giving your lender so much money each month and still have such a long road to go before you'll ever be done.  But student loans don't have to follow you forever. There are little ways to pay off your loans faster that way you can start putting that money towards other things.

Pay more than the minimum.

More often than not, you're paying the number on the bill you get each month. But if you want to pay your loans off faster, increase your payment. Even just $25 more on the payment each month can make a big difference.

Consolidate and refinance the loans.

When you refinance your loans, you can lower the interest rate so more of your money ends up going towards the principal amount you owe. You can do this with multiple loans so you have a single payment each month or you can choose to just refinance a single loan to get a lower interest rate.

Choose a career that offers loan forgiveness.

Certain fields, such as teaching or government jobs, will pardon some or all of your student loans —  you just have to meet specific requirements to be eligible. The only downside here is that many programs like this will lower your principal but give you higher interest rates, so make sure to do your research before applying for one.

Apply your raises.

We would hope you work for a company that gives you a raise every year or so. When you do get a raise, instead of using that extra income for a new TV or a vacation, put it towards your student loans.

Here at American Investment Planners LLC, we know that facing student loan debt can be hard to do, but we also know that with the right advice and guidance, it won't be so bad! If you have questions or concerns about your loans, contact us at (516) 932-5130 or email info@americaninvestmentplanners.com to set up an appointment with one of our advisors today.