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.

935 Responses to 10 Tips to Help You Pay Off Your Student Loans
  1. businessindallas.tk
    May 25, 2018 | 3:36 am

    Hi there, I found your website by the use of Google at the same time as looking for a similar matter, your website came up, it looks great. I have bookmarked it in my google bookmarks.

  2. http://www.businessindetroit.ga
    May 25, 2018 | 4:08 am

    Hello my family member! I want to say that this article is amazing, nice written and include approximately all important infos. I¡¦d like to look more posts like this .

  3. businessindenver.tk
    May 25, 2018 | 4:27 am

    I relish, result in I found exactly what I was taking a look for. You have ended my 4 day long hunt! God Bless you man. Have a nice day. Bye

  4. Codi Gockley
    May 25, 2018 | 11:26 am

    I really can’t believe how great this site is. Keep up the good work. I’m going to tell all my friends about this place.

  5. airline flights
    May 26, 2018 | 12:12 am

    Thanks , I’ve recently been looking for info about this subject for a long time and yours is the greatest I have came upon till now. However, what about the conclusion? Are you certain in regards to the supply?

  6. Global News
    May 26, 2018 | 12:13 am

    A person necessarily assist to make critically posts I’d state. This is the first time I frequented your website page and to this point? I surprised with the analysis you made to create this actual post extraordinary. Wonderful task!

  7. photography news
    May 26, 2018 | 12:16 am

    Helpful info. Fortunate me I discovered your site accidentally, and I’m shocked why this coincidence didn’t happened earlier! I bookmarked it.

  8. here
    May 26, 2018 | 12:24 am

    My only small grievance is actually that the edges may be a little bit “stronger”. If you receive very near to the advantage, there’s an opportunity you could spin off.

  9. cheap flight tickets
    May 26, 2018 | 12:31 am

    Thanks , I have just been looking for information approximately this subject for a while and yours is the greatest I’ve came upon so far. But, what concerning the conclusion? Are you certain about the supply?

  10. home garden
    May 26, 2018 | 8:21 am

    Awsome blog! I am loving it!! Will come back again. I am bookmarking your feeds also

  11. home garden
    May 26, 2018 | 8:25 am

    Hi there, I found your web site via Google at the same time as looking for a similar topic, your web site got here up, it seems to be good. I’ve bookmarked it in my google bookmarks.

  12. Dogs For Sale
    May 26, 2018 | 11:31 am

    I have been browsing online more than 3 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.

Trackbacks/Pingbacks
  1. Clock kits and dials
  2. outdoor clocks for business
  3. Learn More
  4. clock movement
  5. Best digital clocks
  6. metal clock mechanism
  7. clocks for hospitals
  8. clocks for hospitals
  9. DIY clock dials repair
  10. clock Hands Repair
  11. more info
  12. clock movement
  13. steel construction builder
  14. read more
  15. PA systems
  16. concrete construction
  17. metal clock dials
  18. clocks large facilities
  19. wireless time systems
  20. Big clock parts
  21. read more
  22. accessories for clocks
  23. GPS Receiver
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/

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.

935 Responses to 10 Tips to Help You Pay Off Your Student Loans
  1. businessindallas.tk
    May 25, 2018 | 3:36 am

    Hi there, I found your website by the use of Google at the same time as looking for a similar matter, your website came up, it looks great. I have bookmarked it in my google bookmarks.

  2. http://www.businessindetroit.ga
    May 25, 2018 | 4:08 am

    Hello my family member! I want to say that this article is amazing, nice written and include approximately all important infos. I¡¦d like to look more posts like this .

  3. businessindenver.tk
    May 25, 2018 | 4:27 am

    I relish, result in I found exactly what I was taking a look for. You have ended my 4 day long hunt! God Bless you man. Have a nice day. Bye

  4. Codi Gockley
    May 25, 2018 | 11:26 am

    I really can’t believe how great this site is. Keep up the good work. I’m going to tell all my friends about this place.

  5. airline flights
    May 26, 2018 | 12:12 am

    Thanks , I’ve recently been looking for info about this subject for a long time and yours is the greatest I have came upon till now. However, what about the conclusion? Are you certain in regards to the supply?

  6. Global News
    May 26, 2018 | 12:13 am

    A person necessarily assist to make critically posts I’d state. This is the first time I frequented your website page and to this point? I surprised with the analysis you made to create this actual post extraordinary. Wonderful task!

  7. photography news
    May 26, 2018 | 12:16 am

    Helpful info. Fortunate me I discovered your site accidentally, and I’m shocked why this coincidence didn’t happened earlier! I bookmarked it.

  8. here
    May 26, 2018 | 12:24 am

    My only small grievance is actually that the edges may be a little bit “stronger”. If you receive very near to the advantage, there’s an opportunity you could spin off.

  9. cheap flight tickets
    May 26, 2018 | 12:31 am

    Thanks , I have just been looking for information approximately this subject for a while and yours is the greatest I’ve came upon so far. But, what concerning the conclusion? Are you certain about the supply?

  10. home garden
    May 26, 2018 | 8:21 am

    Awsome blog! I am loving it!! Will come back again. I am bookmarking your feeds also

  11. home garden
    May 26, 2018 | 8:25 am

    Hi there, I found your web site via Google at the same time as looking for a similar topic, your web site got here up, it seems to be good. I’ve bookmarked it in my google bookmarks.

  12. Dogs For Sale
    May 26, 2018 | 11:31 am

    I have been browsing online more than 3 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.

Trackbacks/Pingbacks
  1. Clock kits and dials
  2. outdoor clocks for business
  3. Learn More
  4. clock movement
  5. Best digital clocks
  6. metal clock mechanism
  7. clocks for hospitals
  8. clocks for hospitals
  9. DIY clock dials repair
  10. clock Hands Repair
  11. more info
  12. clock movement
  13. steel construction builder
  14. read more
  15. PA systems
  16. concrete construction
  17. metal clock dials
  18. clocks large facilities
  19. wireless time systems
  20. Big clock parts
  21. read more
  22. accessories for clocks
  23. GPS Receiver
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/