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.

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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.

7,722 Responses to 10 Tips to Help You Pay Off Your Student Loans
  1. Pigmentatie
    April 21, 2019 | 5:51 am

    I truly wanted to write a brief note so as to say thanks to you for the stunning secrets you are sharing here. My extensive internet investigation has at the end of the day been paid with pleasant suggestions to share with my friends and family. I would repeat that we readers actually are unequivocally blessed to live in a very good network with many brilliant individuals with very helpful techniques. I feel somewhat grateful to have encountered your entire webpages and look forward to some more pleasurable minutes reading here. Thank you once more for everything.

  2. Fiforlif
    April 21, 2019 | 5:59 am

    Hey there. I discovered your site by means of Google whilst looking for a related topic, your web site came up. It appears good. I’ve bookmarked it in my google bookmarks to visit then.

  3. Hulu Migas
    April 21, 2019 | 6:27 am

    Portal Berita Saham & Investasi di Indonesia. Kami menghadirkan berita terkini dan terupdate langsung dari sumber yang terpercaya. Selain itu SAHAM.NEWS juga menghadirkan Analisa & Rekomendasi saham harian dari berbagai sumber analis profesional maupun analis independen di Indonesia

  4. free job alerts wb
    April 21, 2019 | 7:46 am

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  5. Jolene
    April 21, 2019 | 7:46 am

    I’m amazed, I have to admit. Rarely do I come
    across a blog that’s both educative and entertaining, and let me tell you,
    you have hit the nail on the head. The issue is an issue that too few men and women are speaking intelligently about.
    Now i’m very happy I stumbled across this in my hunt for something concerning this.

  6. Mckenzie
    April 21, 2019 | 8:08 am

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  7. Leandro Martins de Almeida
    April 21, 2019 | 8:42 am

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    Keep up the good writing.

  8. pasang cctv murah
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  11. peninggi badan tiens
    April 21, 2019 | 11:26 am

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  12. Carlos Magno Nunes Barcelos
    April 21, 2019 | 11:39 am

    Aw, this was a really good post. Taking a few
    minutes and actual effort to make a very good
    article… but what can I say… I procrastinate
    a whole lot and don’t manage to get anything done.

  13. Dunialayarkaca21.com
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  19. Informasi Berita dan Lowongan Kerja
    April 21, 2019 | 5:52 pm

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  1. 메이저사이트 판매
  2. what essential oil is good for heartburn
  3. 토토사이트 추천
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