5 Steps to Paying off Your Student Loans
Want to pay off your student loans ahead of schedule? We have strategies to help!
- If you’re still in your grace period, now’s the time to make one lump sum payment to get rid of accrued interest. This will ensure minimal loan balance increases.
- Consider consolidation through refinancing! Keeping track of multiple loans can be difficult, and some could have high interest rates. Shop refinancing rates to see if it’s right for you.
- Little habits make a big difference. Sign up for automatic payments. Loan providers often offer lower interest rates if you go with autopay.
- Put extra toward your loans or make biweekly payments. The quicker the principal decreases, the less interest will accrue.
- Stay motivated! Make a chart to show your progress and reward yourself at important milestones!