Smartest Ways to Pay Off Your Student Loans
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.