Ways to Reduce Your Student Loan Debt Quickly
June 3, 2020

Are There Ways to Reduce Your Student Loan Debt Quickly?

Student loan debt has become the norm for college students everywhere. Any person who has student loan debt understands the desire to pay it off quickly. For many debtors, however, high-interest rates combined with high student loan balances make paying off student loans seem nearly impossible. If you’re an individual who has the means to pay off your student loans and wants to eliminate your debt quickly, here are some options for you to consider.

Pay the Maximum Amount You Can Afford

When it comes time to repay your student loans, there’s a minimum payment that you need to pay. If you can afford to pay more, however, that’s one of the best ways to pay off your student loan debt quickly. When determining how much you can pay on your student loans, you should create a monthly budget to determine the maximum amount you can afford. Some individuals also take on additional jobs to pay more than the minimum on their student loans each month.

Consider Loan Consolidation

Loan consolidation is a student loan repayment option that helps to make your student loans more affordable. Federal student loans are the most commonly consolidated type of student debt. Student loan consolidation lowers the interest rate so you can afford a higher monthly payment and pay off your loan more quickly.  If you’re interested in lowering your student loans, you can discuss student loan consolidation with a debt settlement attorney. Individuals who have exemplary credit scores should always reach out to their creditors to see if they can lower their interest rates.

Allocate Your Payments

One of the best ways to pay off your student loan debt more quickly is to pay more than the minimum amount. What most people don’t realize, however, is that if you’re paying more than the minimum amount, you can choose where you want your payments to go. Begin by allocating additional payments to the student loan with the highest interest rate so you reduce the amount more quickly. When you make your payment, be sure to include detailed instructions to your creditor. Once that debt has been paid off, you can reallocate the payment to another student loan. If you’re making additional payments on your student loans, you should always check with your creditor afterward to ensure the payment was applied the way you intended.

Ask About Repayment Assistance

Today, many employers are trying to appeal to younger employees by offering student loan repayment assistance. Employers offer assistance in several forms, including:

  • Monthly payments
  • Stipends
  • Bonuses

If you want to pay your student loans off quickly, ask your employers if they offer student loan repayment assistance. Individuals who are interviewing for new jobs should discuss repayment assistance as a condition of their employment.

In addition to repayment assistance, working in certain industries also qualify for student loan forgiveness, including:

  • Public service workers
  • Members of the military
  • Teachers
  • Doctors
  • …and more

If you believe you’re eligible for student loan forgiveness, you should discuss qualifying terms with your student loan creditors.

Hire a Debt Settlement Lawyer You Can Depend On

Debt settlement is a viable financial solution to student loan debt that enables you to eliminate your debt quickly. If you’re struggling with student loan debt, you need to discuss your options with a knowledgeable debt settlement attorney as soon as possible. McCarthy Law PLC is a source of trusted legal representation committed to helping you restore your credit and get your life back.

To schedule a free case evaluation, call our office or contact us online today. We are here to help you.

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