10 Tips to Help You Pay Off Your Student Loans

Student loans can be a huge financial burden. If you are looking for new ways to get out from under your education debt, try employing one or more of the following tips.

1. Know Who You Owe

If you have multiple student loans, it may be easy to get confused about who you owe, loan amounts, and payment schedules. Make a list of everyone you owe money to, making note of important loan details. If you have federal loans, you can get a centralized and integrated view of your Title IV loans and grants by visiting the National Student Loan Data System. This list will help you avoid defaulting accidentally and paying any more than you have to.

2. Explore Repayment Options

The amount of principal and interest you’ll pay over time for federal student loans is dependent on the repayment program you select. The five most commonly used repayment programs include the standard loan repayment plan, the extended repayment option, the graduated repayment program, the income-contingent repayment plan, and the income-based repayment plan. You can explore all of these options and the impact they will have on your finances using the free student loan repayment calculators found on Student Aid on the Web.

3. Stick to Your Payment Schedule

You should make every effort to not only make your payments, but pay them on time. If you default or pay late, you may be subject to additional fees and interest. Applying extra money to your student loans whenever you can is also a good idea.

4. Consolidate Your Loans

Consolidating all of your student loans into one loan offers several advantages. First, you will only have one monthly payment, which may make it easier to manage your debt. Second, you can choose a new repayment option and may even qualify for renewed deferment benefit. Finally, there is also a chance of reducing your overall monthly payment.

5. Sign Up for Electronic Debiting

If you sign up for electronic debiting, you may be able to slightly lower the interest rate you pay on your student loans. Your payment will be automatically debited from your designated account each month, ensuring you will never be late again. Not every lender offers this discount, but it is worth inquiring about.

6. Deduct Your Interest

You can deduct up to $2,500 per year in interest on any loans used for higher education if you meet the income requirements set forth by the IRS. The money you save in taxes could be used to pay off a portion of your student loans.

7. Utilize the Teacher Loan Forgiveness Program

If you teach for five years in a school that meets certain qualifications, you may be eligible for the Teacher Loan Forgiveness Program. This program will forgive up to $17,500 in on FFEL and/or Direct Loan program loans.

8. Utilize the Public Service Loan Forgiveness Program

If you are employed full time by certain public service employers, you may be eligible to take advantage of the Public Service Loan Forgiveness Program. This program will wipe away the remaining balance due on your eligible federal student loans if you have made at least 120 payments under the Direct Loan Program.

9. Work for a Government Agency

The government’s Federal Student Loan Repayment Program allows the federal agency that employs you to pay up to $10,000 toward your student loans each calendar year, up to a maximum of $60,000. To take advantage of this program, you must sign an agreement saying that you will remain in the service of the paying agency for at least three years.
10. Find Extra Money for Your Loans

Your student loans will get paid off faster and you will pay less interest if you find extra money to throw at your debts. You could get a second job or take advantage of additional income streams from sites like Upromise or BabyMint.

Guest post from Bailey Harris. Bailey writes for Homeownersinsurance.org and other finance-related sites.

16 Responses to 10 Tips to Help You Pay Off Your Student Loans
  1. owenconnor
    September 22, 2011 | 12:32 pm

    wow. nice information
    Thanks!

  2. forbrugslån
    February 6, 2013 | 11:07 am

    It is in point of fact a nice and useful piece of info.
    I’m glad that you simply shared this useful info with us. Please keep us informed like this. Thank you for sharing.

  3. Mary Darwin
    May 20, 2013 | 10:34 pm

    Hello would you mind sharing which blog platform you’re working with? I’m going to start my own blog in the near future but I’m having a difficult time deciding between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something completely unique. P.S Sorry for getting off-topic but I had to ask!Roofing of Fort Worth, 8100 Wallace Road, Fort Worth, TX 76135 – (817) 330-8100

  4. site
    June 18, 2013 | 1:20 am

    After looking over a number of the blog posts on your web page, I seriously appreciate your way of writing a
    blog. I saved as a favorite it to my bookmark webpage list
    and will be checking back in the near future. Please visit my web site too and tell me how
    you feel.

  5. international removals
    October 17, 2013 | 9:47 pm

    Wilderness camps for struggling boys and girls are a proven vehicle for helping troubled teens.
    David Maron, a Vanderbilt University cardiologist who
    helped lead the new study. But for some kids, certain behaviors can be extreme and disruptive,.
    And the foreign operators have become very adept at
    skirting U.

  6. winter wheels and tyres
    October 19, 2013 | 6:27 pm

    Hi there, after reading this amazing piece of writing i am too cheerful to share my knowledge here with friends.

  7. earn money
    November 12, 2013 | 7:40 pm

    A fascinating discussion is definitely worth comment. I do believe
    that you need to publish more about this subject matter,
    it might not be a taboo subject but generally people don’t
    speak about such subjects. To the next! All the best!!

  8. Hey There. I discovered your weblog using msn. This is a really smartly written article.
    I will be sure to bookmark it and come back to read more
    of your useful info. Thank you for the post.

    I’ll definitely return.

  9. electric cigarette making machines
    December 14, 2013 | 6:07 am

    It’s really very complex in this busy life to listen news on TV, thus I just use the web for that reason, and get the most up-to-date information.

  10. smokeless cigarettes electronic cigarettes
    December 21, 2013 | 5:00 am

    If some one needs expert view concerning blogging then i propose him/her to go to see this weblog, Keep
    up the pleasant work.

  11. hotel booking
    December 29, 2013 | 4:38 am

    Hi to every body, it’s my first go to see of this website;
    this blog includes remarkable and really good stuff in
    support of readers.

  12. stretching gym equipment
    January 6, 2014 | 5:05 am

    No matter if some one searches for his necessary thing,
    thus he/she wants to be available that in detail, so that
    thing is maintained over here.

  13. best web Hosting services reviews
    February 20, 2014 | 9:27 am

    I enjoy what you guys tend to be up too. This sort of clever work and reporting!
    Keep up the wonderful works guys I’ve added you guys to my
    blogroll.

  14. Malcolm
    February 26, 2014 | 10:31 pm

    This post will help the internet visitors for setting up new weblog
    or even a weblog from start to end.

  15. henna artist
    February 28, 2014 | 8:46 pm

    If some one wishes to be updated with newest technologies therefore he must be pay a quick visit this web site and be up to date all the time.

  16. www.khyber.ca
    April 3, 2014 | 6:12 pm

    Down the line, it may benefit you to look into a refinery contract
    to get upwards of 99% melt value on your holdings.
    It can really show off the growing fun loving family. 99 every month for the first 12 months (with agreement),
    after which, you need to pay the regular price of $59.

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/10-tips-to-help-you-pay-off-your-student-loans/trackback/