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How to Pay Off Student Loans Fast ?
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[QUOTE="Yusra3, post: 339546, member: 31907"] If you can pay your student loans quicker, it is possible for you to make a huge reduction in interest payments and on top of this, you will be able to enjoy the freedom of having no debts much sooner. undefined [B]1. Pay More Than the Minimum:[/B] Although an extra $25 per month seems less significant, it can magically help account balance to grow bigger in the long run. Round up during the payment or include a fixed monthly bill. [B]2. Make Bi-Weekly Payments:[/B] Splitting your monthly payment in half and paying every two weeks makes you pay an annual amount that corresponds to one additional yearly payment. [B]3. Put Windfalls Toward Loans: [/B]Through using your tax refund, bonus, inheritance or other lump sum money directly applied to debt principal balances, you can accelerate your repayment plan. [B]4. Refinance for a Lower Rate:[/B] Refinancing student loans between federal government or private lender can lower down the interest rate which gives more ability to pay the principal. [B]5. Increase Income with a Side Gig: [/B]Use earnings from having a side hustle, freelancing work, part-time job or any other job to make loan payments only. [B]6. Cut Expenses and Lifestyle Inflation:[/B] Minimize on comforting and try as much as possible not to have fixed costs that could affect your finances. Discipline and high level payment dedication combine with you being debt-free student loans as quickly as you can afford. [/QUOTE]
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How to Pay Off Student Loans Fast ?
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