Curated articles: How to pay off student loans?

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“According to the money experts at Bank of America, paying more than the minimum reduces the interest you owe over the life of the loan and gets you out of debt faster. This may sound over-simplified, but the key detail is to always tell your loan servicer to apply extra payments directly to your principal balance, not future payments or interest.”

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“With an understanding of how the student loan repayment process works and a strategy in place, you can pay your student loans off with ease. To effectively pay off your loans, you need to understand how student loans work.”

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“But there were other methods that helped me pay off student loans fast. Now, instead of sending $500+ a month to a loan company, my money stays in my pocket. Below you’ll find the methods I used, along with others you can employ, to pay off your student loans quickly (or at least faster than you would simply making the minimum payment).”

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“While popularized for credit card debt, the debt avalanche method is equally effective for student loans because it minimizes the total interest you’ll pay over time.”

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“When deciding between prioritizing your federal or private student loans, Reyes recommends the "avalanche method." With the avalanche method, you make minimum payments on all of your debt and then focus any extra money on paying down your highest interest rate debt. Private loans often come with higher interest rates and with fewer protections, so in many cases it makes sense to pay them off first.”

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“Making additional payments, setting up automatic payments and refinancing are all effective strategies. Do your research and assess which methods work best for your schedule and lifestyle. Student loan debt can feel overwhelming and take decades to pay off. The standard federal student loan repayment term is 10 years, but the average student borrower takes 20 years to fully repay their debt.”

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“This is the #1 fastest way to reduce your loan. Even an extra $20–$50 a month can make a big difference over time. Just be sure your lender applies the extra payment to the principal, not next month’s payment. Instead of paying monthly, split your payment in half and pay every two weeks.”

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“A debt consolidation loan is a financial strategy to pay off multiple high-interest debts with one, low-interest loan. It simplifies bill paying – and saves money – for consumers dealing with numerous unsecured debts like credit cards, medical bills or personal loans. Debt consolidation loans work simply: You borrow what you need to pay off your debts, then make a single monthly payment to the lender.”

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“The fastest, easiest ways to pay off a loan are making extra principal payments, switching to biweekly payments, rounding up your payment, applying windfalls like a tax refund, and refinancing or consolidating to a lower rate. As long as your loan has no prepayment penalty, paying down principal faster can save you real money on interest over the life of the loan.”

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“This guide explains about debt consolidation, and the different sorts of credit that might be available if you are considering consolidating your debts. It focuses on consolidation loans and alternatives, including balance transfers and other credit options. It will help you decide if you should borrow more money and tell you where you can get the advice you need.”