How to pay off student loans?

A student loan debt is something many students must pay off in their life. It is a common thing and it is far from a complicated issue. However, it isn’t the simplest thing to do either. Luckily, there are a few tips and steps you can do to make this simple and quick process. Below we are going to discuss the matter and give you detailed steps and tips on how to pay off any student loan as quickly as possible.

Pay more than the lowest monthly payments

Yes, you can use student loan payoff calculator to get a better idea about how much funds you need to pay off and how long it will take. But, here is a generic explanation that applies to most students and therefore most of the loans. The secret is to pay more than the lowest monthly payment. For instance, average debt will be $35000. You will pay for 10 years and the interest rate will be 6%. These are average values and terms that apply to the highest number of students in the country. Due to interest, you will pay $11000 more than your loan was! An average payment per month will be $390. If you pay only 20% more, meaning you will pay extra $70-80 you will complete the loan in 8 years instead of 10. But, you will also save more than $2500. If you increase loan payments by an additional 20% you will complete the process even sooner. Anyway, you get an idea. This method is one of the best and it completely eliminates only paying the minimum myth. We must add that you need to contact your loan servicer and inform him that you don’t want the excess amount to be added to the next payment. If they do this, you will still need 10 years to complete the process. In that period you may even work as principal.

Use tax refunds and raises for the obvious purpose

A student loan should be completed as quickly as you can. This means that you will have to use all raises you get and all tax refunds for loan payment. Don’t look for student loan forgiveness or anything simple. Don’t try to use the raise or tax refund to get a new car or something that is even less important. Use that funds to end the debt. Yes, you will need to make certain sacrifices in life, but this is one of best ways to get back on track on time. The shorter period of time you use, more funds you will end up with at the end. Your balance in a bank will be higher, eventually. Some of you may have learned this ”deal” while being a student. If you are not one of them, now is the time to learn it. ”It is crucial to remember that all excess funds should be focused on student loan and interest. You can even earn additional funds by writing great papers. The total value must be decreased per month as much as possible. The benefits are not visible immediately but they are visible soon” says Mark Heart, a finance controller at Mark has successfully completed 2 student loans in his career and now he is helping students from all over the world with writing and specifics.

Using Snowball method

This is one of the most interesting methods and one of most effective ones. What you need to do is to create a list of all loan types you have. These can be private loans, secure loans, or even unsecured loans. There are no exceptions. You will see that some loans are small, others medium, and third high in value. The snowball method tells you to start with the smallest student loan. Start paying it as much as you can per month. Keep in mind that you should continue paying other loans as well. The smallest ones will be paid off quickly. You will be able to include more funds into higher value debts and you will be able to complete all student loans faster. There are a few additional things you need to know when using this method. You always need to keep the momentum and you need to make sure all types of debt are paid as you progress. You must not forget about some debts. Luckily, a student can expect motivation in this case and it will have a huge, positive effect on student loan payments. Although this may sound complicated and annoying, it is actually very simple and straightforward. Your loan debt will soon start to decline significantly.

Try to save more

Although this tip is very important, it isn’t always possible to use it. Basically, it means that you can find an additional amount of money if you save more. There are countless tips for this and there are even more apps that can help you. Keep in mind that you must stay motivated, you must obey the due date and you must treat your student debt seriously. You also need living funds, additional expenses, and more. But, try to save as much as you can per month and use those funds for paying off student loans. This can be used by any federal student and in any case scenario.


Just keep in mind that you have options and you can do it. This is hardly the hardest thing you will have to do, but it does need certain sacrifices and time. Once you have completed half of the debt you will see a massive motivation that will help you complete all of this even sooner. Don’t lose motivation and don’t try to avoid your payments. There is no way you can achieve that.

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