Tips for Paying Student Loans Faster

According to the U.S. News’s annual survey, college graduates from the class of 2020 who took out student loans borrowed $37,584 on average.

Not a small sum to pay off, especially for many grads entering the job market with low paying entry-level positions.

It’s a good idea to evaluate your student loan situation shortly after (or even before) graduation.

Think strategically about how you’ll pay off your student loan debt

Many colleges and universities have student loan counselors and other experts on hand to help guide you through the initial process. But it’s good to understand the basics and take steps to pay off your student debt in timely fashion.

Today’s historic-low interest rates offer recent and not-so-recent graduates the opportunity to lower the interest rates on their student loans.

Assess interest-rate opportunities

Federal subsidized loans currently carry a 2.75% interest rate, while un-subsidized loans carry rates of 4.3%. Other types of loans carry even higher rates.

These vary from “10-year plans” in which you make fixed payments over a 10-year period, to “graduated” plans in which payments increase every two years

Compare repayment plans

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