How to Get Your Student Loans Paid Off

Education is very important. For many jobs, a college degree is required before you can even be considered for the position. Before you can get your college degree, you need to have a plan to pay for college. For many people, the only solution is taking out student loans. Once you graduate, or in some cases even before you graduate, you'll be required to start paying off these loans. Sometimes, they can have high interest rates and high monthly payments. Getting your student loans paid off as soon as possible should be a priority.

Instructions

    • 1

      Contact your lender to negotiate the terms of your loans. In some cases, you may be able to lower your interest rate, which will help you pay off your student loans faster. For example, if you agree to have your payments withdrawn from your bank account automatically or if you can prove that you have a low income, your lender may be willing to reduce your interest rate.

    • 2

      Make larger payments. Avoid paying the minimum payment for your student loans each month. Obviously, you should always make sure you pay at least the minimum payment, but if you pay a little extra each month, even five or ten dollars, you will be able to pay off your student loans faster. If you come into some extra cash, such as making commission on a big sale at work, use that money to pay down your student loan instead of taking a vacation, for example.

    • 3

      Ask someone else to pay off the loan for you. You can apply for grants through organizations, such as AmeriCorps or Teach for America, that can go toward reducing your student loan debt. Sometimes, the company you work for may be willing to help you pay off your student loans. You might even have relatives who are willing to pay off your loans if you agree to make interest-free payments directly to them. Without interest, you'll be able to pay off your student loans faster.

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