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How can I pay off my student loans faster?

According to Forbes, in 2017 student loan debt in the United States totaled $1.4 trillion. For many people, the amount of debt they owe seems impossible to tackle, especially for those in entry-level positions just starting out in their careers. The following tips will help you develop a plan for paying back student loans at a much faster rate.

Consider refinancing

The original interest rate on your student loan may be much higher than you are comfortable with. Refinancing allows you to apply for a new loan with a lower rate, which you can use to pay down your existing loan. Depending on your credit history and income, you could be privy to an interest rate as low as 3%. You can also change the length of the term and choose between fixed and variable rate loans.

Pay more than the minimum

During the life of your loan interest will continually accrue. When you only pay the minimum payment you actually end up paying more, since a portion of the money goes towards the interest. You can contribute more to the principle by adding to your minimum monthly payment. Also, consider making multiple payments each month when you’re able. That way more will go towards the principle.

Pay large amounts at one time

Paying off student loan debt in lump sums can also help pay off your student loans quicker. For instance, if you receive a tax refund consider putting all or most of it towards your loan. This means more of your money goes towards the principle, which decreases interest rates. Not only will you save money with this method, you will also pay off your loan faster.

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