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Tips to Repay Student Loans Quickly

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Student loans loom over many young adults graduating college. If not taken seriously, a person may carry student loan debt for many years of their adult life. The longer you hold off on fully repaying student loans, the more the debt will grow as interest is added. 

Aside from trying to get loan forgiveness, interest deductions or loan consolidation – all of which can be very difficult to come by – I’m here to share some tips and tricks to help you pay off your student loans ASAP. 

  • Try committing to a frugal lifestyle for a short time rather than worrying about monthly loan payments for several years. This will require making a strict budget and sticking to it, so you are able to pay the maximum amount your budget allows to your loans each month. It may seem difficult at first, but can definitely help you pay off your loans much quicker.

  • Reduce housing expenses. Think about downsizing for a couple years or finding a roommate to reduce the amount you spend on housing each month. If your parents live in your area, you may even want to consider moving back home for a short time while you pay off your loans. (I know it may sound unimaginable, but it can be a huge help to you financially).

  • If you’re still in college, getting a part-time job may be a good option to help you start saving now. Try putting a portion of each paycheck into an account designated specifically to paying off loans.

  • If you’ve graduated, but still need further assistance for paying off loans, you may want to consider getting a temporary side job for additional income.

  • Meet with a financial advisor or student loan consultant. If you’re like me and have trouble budgeting on your own, you may want to meet with a professional to help you create a loan repayment strategy. They can assess your financial situation and offer personalized guidance based on your needs.
The best advice I can give is to do what works best for you, but try not to let your student loan debt accumulate over a number of years. Pay it off as quickly as you can and feel that weight lift off your shoulders!

Do you have any tips for paying off student loans quickly? Share them here!

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Categories: Money Smart Kids, Smart Spending, Strategies for Saving

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