Happy New Years! If your New Year’s resolution includes making a dent (or hopefully paying off!) your student loans, here are some great tips to remember!
1) Stay in repayment
This will be a no duh. However so many people will just instantly give up. If you can’t afford your payment, look for a plan you can by doing things such as basing it on your income or looking at a plan like the graduated plan. You can’t make a dent in your loans unless you are making an effort!
2)Pay more than what is due!
Another obvious by true. If you can afford your regular payment, try paying more whenever you can! Any payment you make will satisfy the interest first and the remainder will go to principal. This will help reduce your future interest and get you where you want to be faster.
3) Target your payments
Have a loan you want to pay off faster? You can target all your extra money (above your regular minimum) towards a particular loan to help get that higher interest or lower balance loan taken care of first.