Chris O'Shea
If you have student loans hovering over your head, make a plan to pay them down as quickly as possible. The faster you do, the faster you’ll remove that huge chunk of debt and be able to move on financially. Here are some methods to try.
Pay More Principal
The fastest way to get rid of your student loans is to pay more than the minimum each month. Contact your servicer and tell them to apply any extra payments to your principal. Taking big chunks instead of nibbles will help you save tons of cash over time.
Use Autopay
Make sure you sign up for autopay. Not only will you get a small discount from your servicer, but it will also help you never miss a payment.
Make Two Payments
Instead of simply paying your loan once at the end of the month, make biweekly payments. By doing so, you’ll make an extra payment every year and reduce your internet costs. Using auto-pay can help keep you on track.
Stay on Target
If possible, stay on the standard, 10-year repayment plan. That is the default repayment plan and also likely the most expensive plan. Yes, your payments will be high, but that means you’ll pay off your loan faster.
Do One Thing: Make extra payments on your student loan whenever possible.
