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3 Ways to Pay Off Student Loans Quicker

pay off student loansGetting a college degree is a great way to start off your adult life. People who hold degrees tend to make significantly more money over the course of a lifetime than do people with only a high school education.

Of course, in many cases, some of those extra earnings are directed toward student loans which have been racked up in order to pay for college. If you have a significant amount of student loan debt that you would like to get off of your shoulders, consider these three tips to help you pay off student loans quicker.

Make Them a Priority

Simply put, you can pay off your student loans faster if you decide to move them up in your budget ‘priority list.’

Everyone has to make budget choices on a day to day basis, so keeping your student loans near the front of your mind can go a long way toward paying them off sooner.

For example, instead of going out for dinner tonight, you could choose to eat at home and use the $20 you saved to pay down your loans. While that might not seem like much, it can quickly add up in a big way. If you make that choice once per week for an entire year, you will have saved more than $1,000 that could be used toward your student loans. These decisions might not be fun in the short-term, but they will feel great in the long run when you are able to work your way out from under the debt you accrued.

Earn Extra Money Online

There are a number of ways to earn money online these days – and you could choose to use one of those methods in order to make extra payments on your student loans. For instance, you could pick up some freelance work in a field in which you are trained, and you could set that money aside for student loan payments.

Even if you are only able to spend a little bit of time on this kind of work each day, you may be able to make a big dent after just a short period of time. Of course, there are a number of ‘make money from home’ scams around the web, so make sure you are pursuing a legitimate work from home opportunity. As a good rule of thumb, you shouldn’t have to invest any money upfront in order to work. If you are being asked for money, consider that a red flag that the ‘opportunity’ you have found is not a good one.

Save on Home and Car

If you aren’t yet locked into a mortgage or a big car payment, consider living in a smaller place or driving a cheaper car until you are able to pay off your loans. By keeping your expenses on these big items to a minimum, you should be able to clear our space in your budget for extra payments on your student loans.

Once your loans have been satisfied, you can then consider upgrading in one or both of these departments if you wish.

 

Have you done any of these things to help pay off student loans? What else can you do to help pay off student loans quicker?

 

Photo courtesy of: Wokandapix

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

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One comment

  1. I paid my student loan quicker because of my side hustles. The more side hustles I have the quicker I paid my student loan, but this required of me lots of hard work and willingness to spend much of my time on work.

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