9 Ways To Pay Off Student Loans Fast

Step 1: Organize your loans based on their interest rate. This allows you to see what you should pay off first.

Step 2: Know the difference between required payments & prepayments. Required payments we don't like. Prepayments we like.

Step 3: Reduce required payment by changing repayment plans so you can target specific loans with prepayments.

Step 4: Prepay as often as you can.  Weekly, biweekly, or monthly is the best. This will reduce how much you owe the fastest.

Step 5: Don't let loan servicers screw you.  They tend to misallocate your prepayments which cost you thousands!

Step 6: Do not consolidate your Federal loans.  If you do you can no longer target loans with your prepayment.

Step 7: Set up auto-pay for your required payment.  This should drop your interest rate by 0.25%.  Free money is good!

Step 8: Look into refinancing. This is not the same as consolidating. It can save you thousands if you do it correctly

Step 9: Avoid horrible advice from marketers that are paid by websites to write finance content.  Most of it is garbage.

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