How Fast Can I Pay Off My Loan

How Fast Can I Pay Off My Loan – Written by Mia Taylor Written by Mia TaylorArrow Southern Contributing Writer Mia Taylor is a well-known contributor and journalist with two decades of experience as a reporter or contributor for some of the nation’s leading newspapers and websites, including The Atlanta Journal. -Constitution, San Diego Union-Tribune, TheStreet, MSN and Credit.com. Mia Taylor

Edited by Aylea Wilkins Edited by Aylea WilkinsArrow Senior Editor, Student Loans Aylea Wilkins is an editor specializing in student loans. She previously worked editing content on personal and home loans and auto, home and life insurance. She has edited professionally for nearly ten years in a variety of areas with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Connect with Aylea Wilkins on LinkedIn Linkedin Aylea Wilkins

How Fast Can I Pay Off My Loan

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Student loan debt can feel overwhelming and take decades to pay off. The typical repayment period for federal student loans is 10 years, but the average student loan borrower takes 20 years to pay off their debt in full. But it doesn’t have to be like that. There are many ways to shorten this repayment period and get out of debt faster. Here are some of the best ways to pay off student loans.

If you can afford it, make larger payments to reduce the principal amount faster and reduce the overall payment time. By reducing the principal amount, you reduce the length of the loan term and the accrued interest.

For example, a $25,000 student loan with an interest rate of 6.8 percent and a 10-year repayment period will cost $288 per month. Using a student loan calculator, you can see that by paying $400 per month instead of $288, the borrower can repay the loan in less than seven years.

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“Just make sure you advise your lender to put your extra payment on your principal balance, rather than putting your account on ‘prepaid,'” says Jessica Ferastoaru, student loan counselor at Take Charge America. “This allows you to pay down your principal faster and save money on interest.”

If you have several loans, there are several strategies to choose which one to pay more. To save the most money, it’s usually best to start with the loan with the highest interest rate.

It can be tempting to put all the money toward your student loans at the end of the month. However, if your budget is tight and you are unlikely to have more at the end of the month, this may mean that your payment speed is reduced.

If you’re not sure how much more you can afford to spend on your student loans each month, check your budget to see how much you can afford.

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Then set up automatic payments for the beginning of the month. That way you don’t spend that money by mistake. Be careful when entering your payment amount so you don’t spread your budget too thin.

Getting a part-time job while in college is one way to keep college debt under control because you can use that income to reduce what you’re borrowing in the first place and make your repayment plan much easier. You can earn up to $7,600 for the 2023-2024 school year without affecting your eligibility for need-based financial aid.

Check your school resource or career center to see if they are hiring for any on-campus jobs. On-campus jobs tend to be more understanding of unusual or busy class schedules. Online jobs are more numerous than ever, giving you even more options that work with your schedule and skills. You can take summer jobs between school years to earn even more.

Another option is to find a side hustle to reduce your student loan debt. Freelance opportunities have increased in recent years and can be easier for college students because they can be done in their spare time rather than on a fixed schedule from an employer. You can adjust your pay rate with many side jobs. Some of the best jobs for college students include freelance writer, pet sitter, dog trainer, social media manager, and online tutor.

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Planning and understanding your monthly cash flow makes it easier to know where to cut and reallocate the money on your student loans.

“If you’re trying to pay off your student loans faster, one of the best ways to reach your goal is to develop a budget,” says Ferastoaru. “If you can reach a savings goal each month by sticking to a budget, you can use that money to pay off your student loans.”

Evaluate your spending habits and your ability to stick to a budget. If you’re struggling to stick to a budget, use a student budget calculator to help you get on track and stay there.

Refinancing your student loans can help you pay off your loans faster by getting a lower interest rate, a shorter repayment period, or both.

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Note that this option may not be available immediately after you close unless you have built a strong credit history or have a creditworthy co-signer. If not, it may take some time to establish your credit history and meet the lender’s refinancing criteria. Many lenders also require a stable income or employment history to qualify.

When you refinance federal student loans, you lose access to certain benefits, including student loan forgiveness programs and income-based repayment plans.

Before you refinance, shop around with several lenders to see which one will give you the best rates. You can also use a student loan refinancing calculator to understand the numbers and whether it’s the right move.

Forgiveness programs can eliminate all or part of your student loan debt, but each program has specific requirements and strict approval standards:

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