This is how you can pay off student loan debt FAST?

Do you want to pay off student loan debt? Well, student loan debt is crippling the lives of so many people in the U.S. And while we’re all crossing our fingers that Uncle Joe might have some sort of last-minute student debt forgiveness scheme in the works, praying for a miracle is probably not the best strategy.

Student loan debt is crippling the lives of so many people in the U.S. And while we’re all crossing our fingers that Uncle Joe might have some sort of last-minute student debt forgiveness scheme in the works, praying for a miracle is probably not the best strategy. So, in this Article, I’m going to share tangible, REAL actions you can take to help you reduce your student loan debt FASTER. Because, the truth is a lot of us would like to just ignore the issue, pay our minimums, and hold our breath until it’s all over. But this isn’t dinner with your weird co-worker. This is your financial future! And it is time to take off your blinders and face this monster head-on. Are you ready?

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Great! Obviously, the best way to pay off student loans is to consistently pay your monthly payments, right? But what is not as obvious is that the longer it takes you to pay off your student loans, the more it will cost you. A $30,000 student loan at 6% interest over 10 years has payments of $333 each month. And while some of the money will go toward your student loan debt, almost ten thousand dollars goes to interest. What’s interesting is that the amount of money going towards interest changes from year to year. Why? Well, when a bank loans money, they take more in interest at the beginning than at the end. So if you pay $333 a month, in the first years almost half of it goes to interest. Not to mention that you have to pay this for 10 years! For the next ten years of your life, you’ll have to pay $333 every month. How can you pay it sooner? There are a lot of ways, but I think the following four actions can help you get rid of your student loans even faster.

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Action 1

Action 1: Deal with your reality and understand your loan. A lot of us avoid talking about student loans or try to forget that we event have them. But the reality is that you need to deal with them as soon as you leave school and not wait until your grace period is over. Paying off your student loans as soon as possible is best. I know it’s easier said than done, but the first step to pay back your loans is face reality. Be aware of the terms and conditions of your loan, and know your responsibilities.

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Have you heard about people who paid off their tens or hundreds of thousands of dollars in student loan debt in just a couple years? It wasn’t a fluke. They had goals from the beginning and stuck to them until the last cent was paid. Use goals to inspire your debt payment journey! Tell someone about your goal, like your best friends or your parents, so that you build accountability. They might even have tips on how to pay your loans faster. And, as you make your plans, look carefully at your current finances and figure out how much money you make and spend each month. This will help you figure out how much you can put towards your debt each month.

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Action 2

Action 2: Pay more toward your principal As I’ve already said, your interest changes every year. So, if you have to pay back 333 dollars in student loan each month, almost half of that goes to interest. The best way to pay off your student loans quickly is to put extra money towards the principal as soon as possible. The sooner you do this, the more money goes towards your loan balance, and the less you’ll have to pay on interest. Instead of 333 dollars per month, put an extra $100 toward paying off your balance. That reduces the amount you pay on interest by over three thousand dollars and cuts 4 years off your loan, paying it in just six years!

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Action 3:

Re-focus other loan spending (i.e. cars) or expenses towards your loan principal People who have just gotten their first job tend to spend a lot of money on things like clothes, phones, cars, and even houses. This is called “lifestyle inflation,” and it is a bad habit. When your income goes up, you compensate by spending more on your lifestyle. It starts with doing nice things for yourself, like taking Uber to work instead of the bus, eating out instead of packing your lunch, getting your nails done, and replacing your worn but still usable furniture. Then when it’s time to pay loans, you only pay the minimum. Or worse, you take out more loans. This adds up over time. If you want to avoid this way of living, think of yourself as still being a broke college student. I promise you’ll pay off your student loans a LOT faster Keep your eye on the prize until you’re debt-free.

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Action 4:

Action 4: Start a side hustle Most people will tell you to work harder at your job, but there’s a limit to how much money you can earn when you’re trading your time for money. And if you don’t work, you don’t get paid. A great way to pay off those student loans even faster is start a side hustle. And the great thing about this generation is that you have more opportunities than ever. If you have a skill like writing, graphic design, making music, or editing videos, you can become an online freelancer. If you have a passion, you could start a YouTube channel or a podcast.

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Or you can even start your own business. Of course, these things take more time and work, but it will pay off in the long run. It’s not easy, but it is worth it. The beginning of the journey is always the hardest. You have to build momentum, get yourself going, and figure out how to take each step. With a student loan payment plan that is definitely the case. But just know that, as tough as it might be in the beginning, with perseverance and commitment towards these consistent actions, you’ll soon be debt free and a huge weight will be lifted off your shoulders.

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This is how you can pay off student loan debt FAST?

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