How To Pay Off Student Loans Fast

Did you know the average debt load for the college class of 2013 was $35,000? It’s true, according to a Fidelity survey.

If you are currently in college or have kids in college, you know that student debt can be very stressful and could even influence career opportunities.

Here are 5 tips to help anyone pay off student loans fast:

1. Get organized and plan to pay off the loan with the highest interest rate first.

2. See if you can qualify for the new Pay As You Go program, which caps repayment at 10% of monthly discretionary income.

3. Look to refinance some of your higher interest loans. Many companies are willing to refinance student loans. So shop around for the best rates and always consider the closing cost before making your decision.

4. Cut back on your spending. Look for places in your budget where you can cut back, and use the extra money to pay off your loans.

5. Always check your statement to ensure the lender properly applied your payments to your principle, and be sure to look for and immediately correct any errors.

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