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.

10,190 Responses to 10 Tips to Help You Pay Off Your Student Loans
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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.

10,190 Responses to 10 Tips to Help You Pay Off Your Student Loans
  1. Darwin
    July 16, 2019 | 12:56 pm

    I have been surfing online more than 2 hours today, yet I never found any interesting article like yours.
    It’s pretty worth enough for me. In my view, if all site owners
    and bloggers made good content as you did, the web will be much more useful than ever before.

  2. tech
    July 16, 2019 | 1:18 pm

    You really make it seem so easy together with your presentation however I in finding this topic to be actually one thing which I believe I’d by no means understand. It sort of feels too complicated and very huge for me. I’m having a look forward to your subsequent put up, I will attempt to get the hang of it!

  3. Agriculture Business
    July 16, 2019 | 1:18 pm

    Thank you a bunch for sharing this with all folks you actually recognise what you’re talking approximately! Bookmarked. Please additionally visit my website =). We can have a hyperlink trade contract among us!

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  5. Roseanne
    July 16, 2019 | 2:08 pm

    Thanks for a marvelous posting! I certainly enjoyed reading it, you happen to be a great author.
    I will make sure to bookmark your blog and will come back at some point.
    I want to encourage you to ultimately continue your great writing, have
    a nice weekend!

  6. Glenna
    July 16, 2019 | 2:39 pm

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    I do not know who you are but certainly you are going to a famous blogger if you
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  7. Kala
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  10. Bethany
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    much the same layout and design. Outstanding choice of colors!

  11. Vivien
    July 16, 2019 | 5:11 pm

    Everyone loves what you guys are up too. This sort of clever work
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  13. Nidia
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  14. Tatiana
    July 16, 2019 | 7:59 pm

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  15. Affiliate programs in nigeria 2019
    July 16, 2019 | 8:03 pm

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  16. Cory
    July 16, 2019 | 8:16 pm

    I do consider all of the concepts you’ve presented in your post.
    They are really convincing and will certainly work.
    Nonetheless, the posts are too brief for beginners.
    Could you please extend them a little from subsequent
    time? Thanks for the post.

  17. Andy
    July 16, 2019 | 8:16 pm

    you’re actually a excellent webmaster. The web site loading speed is
    amazing. It kind of feels that you are doing any unique
    trick. Moreover, The contents are masterwork. you’ve done a
    fantastic process in this subject!

  18. Margareta
    July 16, 2019 | 8:32 pm

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    or understanding more. Thanks for fantastic info I used to be on the lookout for this info for my mission.

  19. Gilbert
    July 16, 2019 | 9:03 pm

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    Keep up the wonderful works guys I’ve you guys to my personal blogroll.

  20. Elementary Education
    July 16, 2019 | 10:01 pm

    Nice blog here! Also your site loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my website loaded up as quickly as yours lol

  21. Home Design
    July 16, 2019 | 10:02 pm

    I am extremely impressed with your writing skills as well as with the layout on your blog. Is this a paid theme or did you customize it yourself? Either way keep up the excellent quality writing, it is rare to see a great blog like this one nowadays..

  22. Honeymoon
    July 16, 2019 | 10:03 pm

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  23. Inspirational Gifts
    July 16, 2019 | 10:04 pm

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    July 16, 2019 | 10:22 pm

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  25. Rihanna reveal
    July 16, 2019 | 10:54 pm

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  26. Valerie
    July 17, 2019 | 12:16 am

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  27. Autumn
    July 17, 2019 | 1:06 am

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  28. Kasha
    July 17, 2019 | 2:50 am

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  29. Duane
    July 17, 2019 | 2:57 am

    I do consider all of the ideas you have presented for your post.
    They are really convincing and can definitely work. Still, the posts are very
    quick for starters. May you please prolong them a bit from next time?
    Thank you for the post.

  30. Aretha
    July 17, 2019 | 4:36 am

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  34. Manie
    July 17, 2019 | 7:25 am

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  35. Cruz
    July 17, 2019 | 7:46 am

    Hi this is kinda of off topic but I was wanting to know if blogs use WYSIWYG editors
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    a blog soon but have no coding expertise so I wanted to get advice from someone with experience.
    Any help would be enormously appreciated!

  36. security
    July 17, 2019 | 9:31 am

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  37. Linnea
    July 17, 2019 | 10:05 am

    Hello there! Quick question that’s completely off topic.

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    My weblog looks weird when browsing from my apple iphone.
    I’m trying to find a template or plugin that might be able to fix this issue.
    If you have any suggestions, please share. Thank you!

  38. Tabatha
    July 17, 2019 | 10:09 am

    I was suggested this blog by my cousin. I’m not sure whether this post is written by him as nobody else know such
    detailed about my trouble. You are incredible! Thanks!

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