Pay off student loan debt!

The.Daily.Spoon

3 Tips for Paying Off Student Loan Debt Faster  

There are so many stories about people who crushed astonishing student loan balances in incredibly short periods of time. While it’s always impressive, it can sometimes feel unattainable if you’re not making a hefty salary or you’re contending with other financial obligations. You may think, “Yeah, well if I made $120,000 a year then I too could put 40% of my salary towards student loans and be done paying them off in two years. But I don’t. So I can’t.”


PAY MORE THAN THE MINIMUM DUE

Before you get all negative Nancy (sorry if your name is actually Nancy), here are three actionable things you can do to start paying off your student loan debt quickly that don’t require a crazy high salary, or for you to forgo other financial obligations.

Your student loan servicer told you exactly how much you need to pay per month. Some of your monthly payment goes towards the principal balance due, but a lot of it also goes towards interest. The interest is one reason it can feel like it takes so long to pay off debt. You make that monthly payment but that principal balance just never seems to go down. This is where paying more than the minimum due comes in.

Putting additional money towards your payment helps you dig out of debt faster because the extra money can be applied directly to the principal balance. It doesn’t even have to be a lot of additional money either. Start slow by rounding up your payment. For example, let’s say you owe $255 a month on your student loan. You’re going to round up to $260 or, even better, $300. Paying more than the minimum due shaves both time and interest off your repayment journey. A true win-win.

MAKE BI-WEEKLY PAYMENTS!

Join Our Marketing Team, Make $16/hr this Fall!

With school just around the corner, StudySoup is recruiting Marketing Coordinators and Campus Managers to lead our marketing efforts across the country.

These roles earn $16/hr + bonuses, and help you build communications and marketing skills in a real-time environment.

Grow your resume and the numbers in your bank account, sign up for orientation today.

Apply today!

StudySoup Scholarships- Month of August Edition:

$5,000 Anonymously Report Social Media Bullies
Deadline: August 31st

$5,000 Pick Up Litter in a Local Park or Community Space
Deadline: August 31st

$5,000 Call for a More Inclusive Definition of “Black” in the Dictionary
Deadline: August 31st

$2,500 Answer Questions About Student Debt and Loans
Deadline: August 31st

Forget Loans!

Love our newsletter? Add elaine@thedailyspoon.co to your trusted senders list so you never miss out on cool info.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *