How to Pay Off Student Loans Fast
You don’t have to live with student loan debt forever. Find out how to ditch your student loans fast!
Jade Warshaw
Here’s what you can do right now to get on top of your student loans.
Get Organized
• Find out who your loan servicer is.
• Find out how much you owe.
• Find out your monthly payment(s).
Get the Facts
• Know your options.
• Spot student loan scams and traps.
• Know the best way to pay off your loans.
Get on a Budget
• Make a budget and find margin.
• Lower your monthly expenses.
• Increase your income.
Here’s what you can do right now to get on top of your student loans.
Get Organized
-
Find out who your loan servicer is.
-
Find out how much you owe.
-
Find out your monthly payment(s).
Get the Facts
- Know your options.
- Spot student loan scams and traps.
- Know the best way to pay off your loans.
Get on a Budget
- Make a budget and find margin.
- Lower your monthly expenses.
- Increase your income.
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Let’s Break It Down . . .
Step 1: Get Organized
- Find out who your loan servicer is. Start by logging in to your student loan accounts. Then make a note of each servicer (even the ones you tried to forget about).
- Find out how much you owe. Find your outstanding balances for each loan and write them down from smallest to largest.
- Find out your monthly payment(s). Make sure you know your monthly payment for each loan and check to see if the payment covers both the principal and interest. If it doesn't, you’ll need to pay more than the minimum payment to actually make progress on your loan payoff.
Step 2: Get the Facts
- Know your options. This industry is crazy, and you should know everything you can about your situation. Find out if you should consolidate your loans and what to do if your loans are in default or forbearance.
- Spot the student loan scams and traps to avoid—like income-driven repayment plans. Some of these programs are designed to keep you trapped for life, so watch out!
- Know the best way to pay off your loans. The debt snowball method is the tried-and-true plan for paying off your student loans (or any debt!). By knocking out your debts one at a time, you get some quick wins and motivation to keep going—no matter how big your student loan balance might be.
Step 3: Get on a Budget
- Make a budget for your student loan payment. Make a plan for what you’ll spend throughout the month—including your student loans—and start tracking your expenses. It’ll take a little time to dial it in, so give yourself some grace and be flexible!
- Lower your monthly expenses. By spending less each month, you’ll be able to cover your student loan payment—or put more toward it. See where you normally overspend (it’s probably in the restaurant category), and either find ways to cut back or stop spending in that category completely. It doesn’t have to be forever, just until those student loans are out of your life.
- Increase your income—and your payment. Want to make some serious progress? Boost your income with a side hustle or extra hours and put that extra money toward your student loan payments.
Let’s Break It Down . . .
Step 1: Get Organized
- Find out who your loan servicer is. Start by logging in to your student loan accounts. Then make a note of each servicer (even the ones you tried to forget about).
- Find out how much you owe. Find your outstanding balance for each loan and write each one down from smallest to largest.
- Find out your monthly payment(s). Make sure you know your monthly payment for each loan and check to see if the payment covers both the principal and interest. If it doesn't, you’ll need to pay more than the minimum payment to actually make progress on your loan payoff.
Step 2: Get the Facts
- Know your best options. This industry is crazy, and you should know everything you can about your situation. Find out if you should consolidate your loans and what to do if your loans are in default or forbearance.
- Spot the student loan scams and traps to avoid—like income-driven repayment plans. Some of these programs are designed to keep you trapped for life, so watch out!
- Know the best way to pay off your loans. The debt snowball method is the tried-and-true plan for paying off your student loans (or any debt!). By knocking out your debts one at a time, you get some quick wins and motivation to keep going—no matter how big your student loan balance might be.
Step 3: Get on a Budget
- Make a budget for your student loan payment. Make a plan for what you’ll spend throughout the month—including your student loans—and start tracking your expenses. It will take a little time to dial it in, so give yourself some grace and be flexible!
- Lower your monthly expenses. By spending less each month, you’ll be able to cover your student loan payment—or put more toward it. See where you normally overspend (it’s probably in the restaurant category), and either find ways to cut back or stop spending in that category completely. It doesn’t have to be forever, just until those student loans are out of your life.
- Increase your income—and your payment. Want to make some serious progress? Boost your income with a side hustle or extra hours and put that extra money toward your student loan payments.