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Smartest Ways to Pay Off Student Loans

Don’t let debt get you down. There are plenty of creative ways to pay off student loans. The goal is to get rid of the debt as fast as you can. Here you will find out how to pay off student loans the smart way!

Smart Ways to Pay Off Student Loans

What an amazing feeling it is to graduate college. You have a degree that will propel you on your journey towards the career of your dreams. Also, you probably have thousands of dollars worth of student loan debt. It is frustrating for those who don’t even have an established career, but yet have the monthly bill reminding them just how much that college degree cost them.

Many people want to know how to pay off student loans quickly. Well, the answer is to find the smartest ways to pay them. You don’t have to go broke paying back your school debt, you might just qualify for a student loan forgiveness program that will wipe the slate clean. If not, there are plenty of other smart ways to get you started on the right foot.

The Smartest Ways To Pay Off Student Loans

  1. Check eligibility for student loan forgiveness programs.
  2. Refinance and consolidate your student loan for a lower rate.
  3. Get an easy side job that pays well.
  4. Save money and budget.
  5. Get a job with an employer that offers student loan payment benefits.
  6. Make bi-weekly payments and pay more than the minimum payment.

Creative Ways To Pay Off Student Loans

1. Check Out Student Loan Forgiveness Programs

First and foremost, see if you are one of the lucky ones eligible for student loan forgiveness.  That’s right, there are many programs that will completely forgive your student loan debt! The eligibility requirements for these programs are varied to include many people and different circumstances. Many are profession-driven programs to include professions such as teachers, police officers, military, nurses, attorneys, and other public service jobs. There are even student loan cancellation programs for Perkins loans that will just cancel the remaining balance.

2. Refinance Your Student Loan

If you do not qualify for any type of student loan forgiveness, then the next step is to consolidate all your loans with a smaller interest rate. I paid off my student loans incredibly fast by finding a lower rate. By refinancing your total, you can save thousands in interest and make monthly payments that can pay off your student loans faster.

There are so many lenders that will offer a much lower interest rate. Credible offers an easy free comparison of the best lenders in seconds. Credible will not only show you the BEST rates, but they also help you find loan forgiveness programs. Their site is built with the smartest ways to pay off student loan debt. Now is the time to Refinance with Credible because interest rates are very low. Not only will you save thousands, but you can pay off your student loan quicker than ever.

3. Get an Easy Side Job That Pays Well

Chances are if you have student loan debt you probably have a full-time job. It’s hard to have a second job when you are working full-time. If you are going to have a side job, it needs to be flexible and pay well. Here is a list of EASY SIDE JOBS THAT PAY WELL, that will help you pay off school debt faster.

4.  Save Money

When you are in debt the best advice is to save money. However, it is hard to save money and also have a social life. Check out Digit and let it save the money for you! You can save money without even thinking about it! Digit analyzes your spending and automatically saves the perfect amount every day, so you don’t have to think about it. Digit does all the hard work for you when it comes to paying off your debt. It’s like having your own accountant at your fingertips. 

Another great program that can help you save money is the Trim Bill Negotiator. It will negotiate lower prices on your bills and cancel unwanted subscriptions. Think about how much money you waste every month on subscriptions you never use.

There are plenty of other ways to save money, check out my list of Easy Ways to Save Money Without Changing Your Lifestyle.

5. Find an Employer Who Offers Student Loan Repayment Benefits

With many college graduates hitting the workforce, many employers are offering student loan repayment benefits to meet the demands of the indebted millennials.  Companies like Staples and Estee Lauder offer their employees up to $100/month towards their student loan debt. That will save you $1200/year! So remember, when you are comparing potential employers, look at the benefits package being offered.

6. Make Bi-Weekly Payments and Always Pay More Than the Minimum Payment

If you want to make extra payments but feel like it’s too difficult, then make bi-weekly payments. By splitting your payment in half and paying it every two weeks instead of every month, you actually end up making an extra payment every year.  Always pay more than the minimum payment due. The more you pay, the less you owe!

Creative Ways To Pay Off  School Loans

Use these creative ways to pay off your school loans so you have more money to spend on the things you love like traveling. Being deep in debt is hard, especially when you are just going out on your own. Take control of your finances by being smart with your money!

Comments

  1. Great tips for paying off student loan debt! I’m just about to finally pay mine off oh so many years later. Growing my side hustle into a business and increasing my income was definitely key. I would also add throwing any windfalls that come your way at the balance, like a tax refund. That can help you chip off a big chunk of your student loans in one go.

  2. Thanks for sharing, very helpful post. I loved the tip about making biweekly payments, it’ doesn’t seem much but definitely so helpful in the long run .

  3. Some really good suggestions here, sadly in the uk they have different rules on how to pay back the loans so these don’t all apply however they’re great for more than just student loans so thank you for sharing!

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