6 Tips to Quickly Pay off Student Loans

If you’re able to lower or eliminate student loan debt, you’ll have more money to save for a down payment or for retirement.

Quickly Pay off Student Loans

When you put extra money toward the principal loan balance, you’re also shaving off the total cost of interest you may otherwise pay over the life of the loan.

Extra Toward the Principal

Instead of treating a tax refund, financial gifts, bonuses, or a raise at work like “fun money,” you could use it to double down on your debt, or apply just half of the windfall.

Lump Sum Payment

If you’re crafty, you could try selling your creations at an online marketplace. If you’re a photographer, writer, or editor, you could try finding a freelance gig.

Finding a Side Hustle

Depending on your credit score and income (among other factors), you may be able to secure a lower interest rate when you refinance your student loans

Refinancing or Consolidating Loans

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