The best tricks to pay off student loans fast

P erhaps the best strategies to pay off student loans, these five tips can ensure faster payment, even before you graduate, to avoid tearing off your paycheck in the future.

5 Tips to Pay Your Student Loans Fast

First, make sure to get a job where you earn more than the minimal pay asked by the loaning board. Secondly, be conscious and calculate the exact payoff date to avoid fines that may increase the loan further. The third tip is to consolidate all your finances and refinance your loan. Refinancing is one of the best methods of ensuring that student loans are paid off faster. The great thing about refinancing is that the interest accrued on student loans decreases and thus huge payments can be made. Another strategy is to use the cash from bonuses you may have received. These include lottery prizes, inheritance or insurance claims and many other similar sources. Besides, you can get a one year off tax refund. When you get money like this, try to use some to pay your student loans. Lastly, make sure you have a lean budget until you finish paying your loans. This ensures that there is enough set aside to cover other expenses you may have.

Further Strategies

Remember, this is not for your entire life but short term. Other strategies may also be canceling cable TV, less partying, avoiding unnecessary luxuries and more importantly working extra hours. Our advertising partners offer repayment duration of 12 to 120 months. I.e. 8000 in 48 monthly payments to the 4.50% rate. amount tot. due: 8,756.64; APR max: 10:50% [Photo: Salon.com]