Average student loan debt: $37,000
Average monthly payment: $400+
Average payoff time: 10-20 years<\/p>\n\n\n\n
Here is how to pay it off in 3-5 years!<\/p>\n\n\n\n
STEP 1 \u2014 KNOW EXACTLY WHAT YOU OWE:
\u2192 Go to studentaid.gov
\u2192 See all federal loans
\u2192 Check private loans with servicer
\u2192 Note interest rates on each<\/p>\n\n\n\n
STEP 2 \u2014 CHOOSE YOUR REPAYMENT STRATEGY:<\/p>\n\n\n\n
AGGRESSIVE PAYOFF (Best):
\u2192 Pay as much as possible monthly
\u2192 Target highest interest first
\u2192 Goal: Paid off in 3-5 years
\u2192 Best for: Good income, no forgiveness expected<\/p>\n\n\n\n
INCOME DRIVEN REPAYMENT:
\u2192 SAVE Plan (best new option)
\u2192 Payments based on your income
\u2192 Can be as low as $0\/month
\u2192 Remaining balance forgiven after 20-25 years<\/p>\n\n\n\n
PUBLIC SERVICE LOAN FORGIVENESS:
\u2192 Work for government or nonprofit
\u2192 Make 120 payments (10 years)
\u2192 Remaining balance FORGIVEN tax free!
\u2192 Best if you work in public service<\/p>\n\n\n\n
STEP 3 \u2014 REFINANCING:
If you have good credit (700+) and income:
\u2192 Refinance to lower interest rate
\u2192 Check rates at: SoFi, Earnest, Splash
\u2192 Can lower rate from 7% to 4-5%
\u2192 Save thousands over loan life<\/p>\n\n\n\n
WARNING: Only refinance federal loans
if you DON’T plan on forgiveness!
Refinancing makes them private loans!<\/p>\n\n\n\n
STEP 4 \u2014 FIND EXTRA MONEY:
\u2192 Side hustle income \u2192 100% to loans
\u2192 Tax refund \u2192 extra loan payment
\u2192 Raise or bonus \u2192 extra loan payment
\u2192 Cut expenses \u2192 extra loan payment<\/p>\n\n\n\n
REAL EXAMPLE:
$30,000 student loan at 6.5%
Standard payment: $340\/month = 10 years
Paying $700\/month = 4 years!
Interest saved: $8,000+!<\/p>\n\n\n\n
Double your payment = cut time in half! 💪<\/p>\n","protected":false},"excerpt":{"rendered":"
Average student loan debt: $37,000Average monthly payment: $400+Average payoff time: 10-20 years Here is how to pay it off in 3-5 years! STEP 1 \u2014 KNOW EXACTLY WHAT YOU OWE:\u2192 Go to studentaid.gov\u2192 See all federal loans\u2192 Check private loans with servicer\u2192 Note interest rates on each STEP 2 \u2014 CHOOSE YOUR REPAYMENT STRATEGY: AGGRESSIVE … <\/p>\n","protected":false},"author":1,"featured_media":154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-loans","grid-sizer"],"_links":{"self":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128"}],"version-history":[{"count":1,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/128\/revisions"}],"predecessor-version":[{"id":129,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/128\/revisions\/129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/media\/154"}],"wp:attachment":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}