Tips for paying off your student loans faster
Updated on May 16, 2019
Although student loans are a necessity for many people, paying them off can be a huge hassle, particularly when you’re just getting started in your career. The faster you pay them off, the less interest you’ll incur – and the more money you will have to spend on other things. Even though it’s tough, it’s worth trying to pay your student loans off as quickly as you can. Here are some tips for making it happen.
Refinance your loans
If you have multiple student loans, but have built up good credit throughout your time working, you might be able to consolidate them at a lower interest rate. Look at private lenders to see if you qualify for refinancing and how much you could save. Although not everyone is a good candidate for this strategy, it’s a great option to try if you are.
Look for jobs with student loan assistance and forgiveness
There are some jobs that can actually help you pay down your student loans. If you work in a service industry where you serve the public, like medicine or law, you may qualify for debt forgiveness through your job. Some jobs also offer student loan assistance as a benefit as well. Look for this as a benefit as you’re applying for jobs.
Use student loan tax deductions
If you are paying down your student loans, you actually may qualify for a tax deduction. This can help you reduce your tax burden or get a higher tax return, and then you can put that extra money back towards your student loans.
Look for side jobs or passive income opportunities
With the gig economy, it’s easier than ever to find side jobs or freelance work when you want it. If you really want to pay down those loans faster, you can take on some extra work and set all that money aside to pay off your loans more quickly.
Student loans can feel like a huge burden, so it’s worth it to try to get rid of them as quickly as possible. Use these tips to save a little bit here and there and reduce the interest paid on your loans.