5 Ways to Pay off Your Student Loans Faster

Today I have Kate Croston as guest blogger. Please be sure to check out her unique guest post. Guest posts are always welcome, please contact me.

Student loans are a growing issue for the average college student as student loan debt has increased to an all-time high. Students are borrowing more money and going to school more than ever before. If you are struggling with the idea of paying back your student loan debt, here are a few tips that you can use to pay off your loans faster.

1. Refinance - One option that you may want to consider is refinancing your existing student loans. If you can find a loan that has a cheaper interest rate than what you are paying on your current student loans, you can use money from that loan to pay off your existing student loans. By using a loan that has a lower interest rate, you can apply more money from your monthly budget to paying off your debt. 

2. Use Biweekly Payments - Another strategy to consider is using biweekly payments. With biweekly payments, you make half of your normal monthly payment every two weeks. This might not seem like it makes much of a difference, but in reality, you'll end up making a full extra payment every year. By doing this, you pay down the principal balance faster, and end up saving money. 

3. Pay a Little More - If you don't want to stick to a specific biweekly payment schedule, you can just pay a little bit extra each month. Whenever you have a few extra dollars, you simply include them on your student loan payment for the month. By doing this, more money will go toward the principal balance of the loans. Even making an extra $30-$50 payment can make a big difference over the course of several years. You might end up paying off your loans years early just by doing this.

4. Make a Lump Sum Payment - In some cases, you may want to consider making a large lump sum payment to the student loan lender when you have extra money. For example, if you get a tax refund, you can use the money from the refund to pay down a big chunk of your student loan debt. 

5 . Student Loan Forgiveness - When you work in some professions, you can actually get part of your student loan balance forgiven. For example, if you are a teacher, lawyer, or doctor, you can get part of your loan balance erased. This can give you a big head start when it comes to paying down your loan balances.

Kate Croston is a freelance writer, holds a bachelors degree in Journalism and Mass Communication.

She writes guest posts for different sites and loves contributing internet service related topics.
Questions or comments can be sent to her email.

Many thanks to Kate. 
Enjoy your reading!