Smartest Ways to Pay Off Your Student Loans

June 30, 2016 — myKlovr

By myKlovr

No matter what school you go to or what degree you get, if you have student loans, repaying them will soon be a reality for you. Use some of these tips to save yourself thousands of dollars over the course of your loan. They’re small, painless changes, but make a big difference.

Avoid unnecessary debt by being frugal with how many loans you take out. Remember that these sums of money will have to be paid back.
Check with your employer to see if loan payment is part of your benefits package.
Pay while you are in school. To keep accrued interest to a minimum, make direct payments to unsubsidized loans to avoid inflation of these loan amounts.
Paying a little extra money every month can save you thousands in interest. For every extra $1 spent, $2 can be saved at the end.
Check to see if you are eligible to take advantage of the student loan interest tax.
Setting up an automatic payment usually result in interest rate reductions from most student loan lenders.