Best Way To Consolidate Student Loan Debt

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If you’re sick and tired of paying off student loans with no end in sight, you’ll love this guide to different ways to pay off your student loans faster and lower your student loan balance.

Best Way To Consolidate Student Loan Debt

We’ve put together our list of the 107 best ideas for paying off your student loans. Sure, common tips like “make extra payments” or “use autopay” can help, but there’s a lot more you can do to speed up the process.

Factors To Consider When Consolidating Or Refinancing Student Loans

There’s literally something for everyone on this list, and we’re confident that using some of these strategies can save you thousands of dollars in student loans, as well as years of student debt payments.

Check out our category-by-category strategies below and see how you can start paying off your student loans faster today.

You can sign up for auto pay with your lender and get a 0.25% interest rate reduction and a lower effective interest rate.

Did you know that interest on your student loans accrues daily? Yes, it’s not just you. This can make progress difficult and even more difficult to reduce your balance.

How Refinancing Student Loans Saves Money

A repayment strategy that helps is to pay every two weeks. Simply cut your monthly payment in half and make two payments a month instead of one to your student loans.

You can lower your interest rate through student loan refinancing. Check out our different lenders and cashback bonuses.

Keep in mind that you’re giving up important benefits like income-driven repayment (IDR) and student loan forgiveness. You must also have good credit. If necessary, student loan refinancing can save you thousands of dollars.

The debt avalanche method means you prioritize paying off the debt with the highest interest rate. You make minimum payments on all your other loans and put any extra money into your loan with the highest interest rate (for example, the Grad PLUS loan).

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You can reduce interest while forgoing school suspensions and start cutting your debt and principal before it piles up.

You can write off up to $2,500 of your student loan interest. The amount you can repay and eligibility will depend on your income, as phase-outs or phase-outs apply.

You can use your lender’s Form 1098-E to find out how much interest you paid.

If you are the MOST borrowing parent and you and your child agree that it is time for them to take over the loan, you can refinance in your child’s name.

Limited Waiver For Student Loan Forgiveness Ends October 31

Note that some lenders, not all, allow this. It can help you save money on your loan and shifting your responsibilities.

The most economical is the standard installment plan, which has a term of 10 years. This plan can save you money on interest and the overall cost of your loans in the long run.

Borrowers must reaffirm that they will remain in good standing with the IDR. Otherwise, your monthly payment may revert to the standard payment plan.

Indulgence can be a good option if you really need it, but try to avoid it at all costs.

Tips For Student Loan Management

If you put your loans into forbearance and don’t make payments, it could increase the amount of interest you have to pay.

Borrowers default if they fail to make payments within 270 days. Default can lead to wage garnishment, bad credit and more.

Keep making payments and, if necessary, follow an income-driven repayment plan or put your loans into deferment or forbearance instead of defaulting on your loans.

During the grace period or grace periods, interest accrues on your loans. This interest is added to your loan and you pay interest on the new, higher total.

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If you’re on an income-based repayment plan and you’re married filing jointly, your income as well as your spouse’s income will affect your monthly payment.

Have you ever seen ads for “Obama Student Loan Forgiveness,” “Trump Student Loan Forgiveness,” or promises that a company can get rid of your student loans? Proceed with caution.

After completing your studies, you will have a six-month grace period in which you will not have to pay student loans.

If you can afford it, don’t wait. Start paying the monthly payment amount during the grace period. This will help you keep interest under control and prevent your balance from exploding during the repayment period.

How To Pay Off $200,000+ In Student Loans

At Student Loan Planner®, we are committed to helping borrowers find the best plan for their specific situations and help with student loan repayment. We found that 90% of our customers made an expected 5-digit error on their student loans.

We can help you on the right path. Contact us to find the right plan for you.

A common mistake people make is making only the minimum payment on their student loans. It’s “minimal” for a reason. Pay more if you can! Challenge yourself to double the payouts.

This may seem contradictory. But if you’re unhappy in your job as a chiropractor and want to go back to school to become a nurse, you may be eligible for public service loan forgiveness in your new career.

The Questions To Answer Before Refinancing Your Student Loans

Your credit score affects the interest you get on credit cards, car loans, mortgages and student loan refinancing or any new loan. Keeping your credit in good standing can be a money-saving strategy.

Always make payments on time before the due date, keep your credit card balances low, and be careful when opening new credit accounts.

Student loan refinancing is a way to save money on interest. And you can refinance your student loans more than once. This can help you save even more money.

Consolidation can make repayment easier, lower the payment and extend the repayment period. Be aware that you will likely pay more interest.

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Student Loan Forgiveness Strategies 24. Work in the Public Sector and Apply for Public Service Loan Forgiveness

Do you work for a non-profit or government organization and have federal loans? You may qualify for Public Service Loan Forgiveness (PSLF).

After making 120 payments and working for a qualified employer for 10 years, you can repay all your loans tax-free.

If you have six figures of debt that seems impossible to pay off, you may qualify for student loan forgiveness under an Income Driven Repayment (IDR) program.

Student Loan Consolidation

All four IDR programs forgive any student loan balances at the end of the repayment period.

If you are a teacher and have worked at a qualifying school for five years, you may qualify for teacher loan forgiveness. With this program, you can receive either $5,000 or $17,500 in forgiveness, depending on the subject you teach.

For example, states like New York have many forgiveness options. Be sure to check what might be available.

If you served in the military, you may qualify for military student loan forgiveness. Check out the opportunities you may qualify for.

Student Loan Consolidation: Get The Scoop

If you have Perkins loans and work as a teacher, you may qualify for 100% loan forgiveness.

For many health care-related occupations, working in certain rural areas can open up additional opportunities for student loan forgiveness.

We don’t recommend this route unless your student loans are seriously affecting your life. It is also incredibly difficult to pay off your student loans in bankruptcy. You have to meet more requirements and it will ruin your credit.

Skip the everyday Starbucks and make your own coffee at home. If you don’t want to cut out lattes completely, cut back to at least a few times a week so it’s more of a treat than a habit.

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Commit to not buying or spending money on anything unnecessary. A shopping ban can help you reset your spending habits and keep money in your pocket.

Instead of buying new clothes, avoid fast fashion and shop thrift stores. You save even more money and reduce your environmental impact.

Turn off the lights, unplug your computers and don’t waste electricity. This can help you reduce your electricity bill.

If you have an old set of paid-for wheels, keep riding. No need to buy a new car and take out additional loans. Drive your old car until you can’t drive it anymore.

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If there’s one skill that can save you a lot of money, it’s learning to cook. Cooking for yourself can keep you from going out and actually help you do the things you love.

Once you know how to cook, start preparing the meal. This means planning your meals in advance so you’re never in any doubt about what you want to eat.

If you have friends or neighbors who also have children, switch babysitters/cooks. One day they take care of the children and the cooking and the other day you can take over.

This is not an option for everyone, but if you can, consider moving back in with your parents to help you pay off your debts. You can save money on rent and put it toward your student loan debt.

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Maybe sharing an apartment with your boyfriend isn’t an option, but getting a roommate is. A roommate can help keep costs down.

Housing is usually a major expense, so being able to cut costs can fuel your debt payments.

Ways

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