How do I pay down student loans fast?

Answer by  Cecilia (2828)

Make the scheduled payment, include extra money and mark the coupon that the extra is to be applied to the principal balance. If you can, double up. You'll be amazed.

Answer by  MikeG (1650)

Do not defer any of the loans, sit down and budget any unnecessary expenses and allocate those funds to the loans. You can also call the loan company direct and try to get a complete pay off amount, this will save you interest in the long run as well. Make sure to not short yourself on the budget though.

Answer by  jpars795 (46)

The quickest way to pay down loans is by overpaying on the loans with the highest amounts or interest rates. You can enroll in Automatic Debit and ask to automatically increase the monthly payment amount through this payment method to shorten your terms. The student loan company might also lower interest rates for certain loan types in this plan.

Answer by  wrusche (176)

You may be able to lower the interest rate by consolidating loans or automating payments. Paying more than the minimum every month will speed up payoff the fastest.

Answer by  Gribbley (174)

There is no quick way to pay off your student loans except for using the education they paid for to find a decent job that will raise money for you to direct right to paying off those loans.

Answer by  HelpfulMal (539)

Take any tax refunds and apply them to your student loan accounts. Also, make at least one extra payment every 6 months (or more often, if you can). Frequently, when you overpay, the loan company will lower what's due the next month, but always pay the full amount on time.