Pay Off Your Student Loans With These Easy Steps
Expert Advice ı By Sean Corliss
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The extra job doesn't have to last forever. Youâre just ramping up your work to pay off the loan and once it is paid off you can ditch the side job and have your time back. And you'll have extra money each month since you won't have the loan payment! It's two wins for the price of one!
7. Donât Bank on Student Loan Forgiveness
When you were looking into student loans I bet someone probably told you that taking out student loans was no big deal because you could just get them forgiven later. I know because I heard that myself when I was looking into paying for college.
But student loan forgiveness isnât as simple as it sounds. There are lots of requirements that must be met in order to be eligible. For example, one is working in a public service job for 10 years. Even that doesn't guarantee forgiveness. Youâre better off finding a job that pays well and that you enjoy so you can go ahead and pay off the debt as fast as possible. This keeps you from spending years of your life waiting to have your loans forgiven.
8. Refinance if It Makes Sense
First, let me say refinancing student loans is not the right move for everyone. When you refinance, youâre taking your loans (federal, private, often a mix of both) to a lender who pays them off for you. So instead of owing Sallie Mae, now you owe this new lender the money they just fronted you and the hope is that they are letting you pay them at a lower rate of interest.
With a refinance, the goal is to secure a better rate and payment terms. This means you would pay less each month and for a shorter amount of time to one lender instead of more money for a longer period of time to one or more lenders.
If financially you can afford to keep paying the same amount you were paying before you refinanced, even better. That's because youâre throwing more at the principal each month than you were before and avoiding more interest.
Remember, youâre refinancing to get a better rate and payment terms. If thatâs not what youâre being offered, do not refinance. Only by doing your homework, will you be able to find the best deal for you. Slacking off on your research could put you deeper in the hole than you were before. Take your time, look at all of the options that are offered out there and compare them against each other and your current situation.
9. Stay Motivated
Student loan debt can seem overwhelming. For many people it's a debt that takes years, sometimes decades to pay off in full. Do not give up. Each payment made gets you that much closer to the end goal of being debt-free. Just keep thinking about how great it will be to not have that monthly payment to make and what you will be able to do with that money once it no longer has Sallie Mae's name on it.
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