PAYING DOWN STUDENT LOANS QUICKER
Most students coming out of colleges today are burdened with large loans required to get through the four years of schooling jus completed. Within a six month period, they are struck by the reality that they owe large aounts and repayments begin now. Most have not found a job to help them pay down their debt, much less leave home and become self-sufficient.
Experts give advice regarding paying down the debt, however, I have found five ways to pay down the debt quicker. They involve some sacrifice and much discipline. If you are able to afford making extra payments, do so. Making principal payments in excess of the minimum payment required will enable you to pay the debt much quicker and pay less interest.
Include the payment and the extra principal payment in your monthly budget. Paying down this debt will allow you to establish excellent credit as your high limits on your credit score will be higher, therefore, increasing your FICO score.
Enroll in an auto debit payment. Doing this can decrease tthe interest rate ono your loans and provides assurance that you won't be late or miss any payments. Switch to bi-weekly instead of monthly payments. This will allow you to make one extra payment per year which can go to the principal, and, thereby, decrease the number of years you will be paying and the total interest you will pay.
Lastly, don't be overwhelmed. With proper planning, discipline and a budget, you will be able to pay down your debt.