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If you want to learn how to pay off student loans, you’re not alone. These loans are expensive, they’re detrimental to your financial future, and they’re difficult to live with. You might know this ahead of time and do all you can to avoid getting student loans to pay for college, but sometimes it’s the only way a family can afford to send their children to school. If your family doesn’t pay for you to go to college, you might pay for yourself. This means taking out loans before you’re fully aware of what it takes to pay off student loans and how much it costs you to do it.
If you fell into the trap of thinking student loans were the answer to your prayers when you were working on your degree, the reality of figuring out how to pay off student loans is probably setting in. They’re big, they’re expensive, and they do affect your credit score. Your debt to income ratio is a mess when you have big student loans and your finances are a bit more difficult to manage. Here’s what you need to know about learning how to pay off student loans.
What Are Student Loans?

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Student loans are funds you apply for to help you pay for school. You can apply for federal student loans or private student loans, and there are major differences between the two.
Federal Student Loans
Private Student Loans
Pros & Cons
As with any loan, there are benefits and there are downfalls to applying for and using student loans. To help you understand what you can expect, here are a few of the pros and cons. Keep these in mind before you apply for any loan and end up wondering how to pay off student loans without going into debt.
The Pros of Student Loans
Student loans are easy to get (especially Federal loans) because they don’t require a credit check of any sort. You just need to prove you’re enrolled in school to obtain these loans. They’re also the only way some people can afford college. This is a big benefit of this kind of loan. If you cannot afford to pay for your college education to better your future, this is one way you can do that.
If you pay off student loans, you can build good credit. However, this is difficult if you take out many loans. You need to be sure you’re only borrowing what you need and what you can afford to pay back. It’s difficult to pay off student loans if you take out so many you can’t even afford the monthly payments. Finally, you can use these loans for anything you want or need while you’re in school. Tuition, books, room, board, living expenses, and anything else you need to pay for can be paid for with student loan money.
The Cons of Student Loans
The biggest con associated with these loans is the cost. It’s not uncommon to graduate college with tens of thousands of dollars in student loans, high monthly payments, rapidly-growing interest, and a low-paying job that doesn’t allow you to pay them off quickly. They’re expensive. The other big con is that you can use them for anything, which is a gateway to building more debt than you can afford. If you have loans, you don’t need to work. If you have loans, you can go on a great Spring Break trip. If you have loans, you can buy those expensive shoes. It’s a trap many people fall into.
The other con is that it’s almost impossible to get rid of loans. If you cannot afford to pay them off, you cannot have them discharged. Some private loans are possible to discharge, but it’s time-consuming and expensive. Your credit score is destroyed if you don’t pay your student loans, too. Finally, it often means putting off other life goals to pay off student loans. No house, new car, or wedding plans are in your future if you’re paying off these loans.
10 Ways to Pay Off Student Loans Fast
Before you begin to feel that your financial future is hopeless thanks to your student loans, here are a few simple ways you can pay off student loans fast and easy.
Make Extra Payments

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You can make an extra payment every month to help you get rid of your loans. One extra payment every month allows you to pay your loans off twice as fast. If you can’t make an extra payment monthly, make one every three months or every year. Do it as often as you can.
Live At Home
Don’t move out of your parent’s house when you graduate. Ask them if you can stay for one year longer. Spend that time using every penny you earn from your job to pay off your student loans. If you have $30,000 in student loans and a starting salary of $50,000 per year, you can pay them off entirely in 18 months. Then you can start your life without debt.
Refinance Loans
The federal government offers many loan programs that allow you to refinance at a lower rate. Take advantage of that and make bigger payments to help you get them paid off faster. Pay off student loans after refinancing them by paying what you were paying before your refinance.
Ask For Loan Forgiveness
If you work in a certain industry, you might qualify for loan forgiveness. This means spending a few years working in a certain field, but your loans are erased for fulfilling this obligation. It makes your education free. This is something that’s offered to people who work in public service and education.
Make Lump Sum Payments

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If you get a bonus at work, apply it to your student loans. If you get an income tax refund, apply it to your student loans. Anytime you have money that you get in a lump sum, use it to pay off some student loan debt. You can do this for a few years and have them paid off in full.
Make Larger Payments
Skip that minimum payment and pay as much as you can. There are always benefits to this. If you have extra money, it’s better to spend it here than it is to pay the interest on these loans. If your payment is $300 but you can afford to pay $500, then pay the $500 each month instead.
Work A Side Hustle
If you can make money outside your job doing something else, use it to pay off student loans faster. This is something you can easily do if you have a skill or a talent. Open a shop on Etsy. Tutor children. Babysit your neighbor’s kids. You can make money on the side and pay off your loans faster.
Pay Your Loans Every Two Weeks
Have you considered splitting your loan in half each month? Pay $150 of your $300 loan payment every two weeks. This helps you eliminate some of your interest. It works like this: your interest accrues on your outstanding balance. If your outstanding balance drops every two weeks that’s two weeks fewer you are paying interest on that amount. You’re paying more interest if you only make one payment per month.
Create A Budget

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This is a habit you should get into right away when you’re an adult. Make a budget that helps you plan your pay off. Make it attainable, and work toward that goal. The faster you pay off your loans, the better your finances look. Create a timeframe in which you want your loans paid off, write it down, and work your budget around that.
Pay Before You Graduate
Just because you have student loans doesn’t mean you can avoid paying them while you’re in school. You have that option, but don’t use it. Get a job, pay your loan payments while you’re in school, and you’ll get years of additional payments on your record before graduation. That’s a helpful tool.
Conclusion
The fastest way to pay off student loans is to only borrow what you need. This isn’t helpful if you borrowed in the past and have to repay those loans now, but it is helpful advice for anyone considering a student loan. Don’t let the idea that you don’t have to pay for this money right now trick you into thinking you can take more than you need. You will pay it back, or you will suffer financially for many years. It’s your choice.
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