In today’s challenging professional economy, going to college and receiving a degree is practically a necessity for success. Unfortunately, the cost of college is continuing to go up dramatically each year. This requires more and more students to take out loan to finance the costs of college and room and board. Those that do take out loans will then have to spend decades paying off the balance. For those that are looking to get out of debt faster, there are several ways to pay off your student loans faster.
Use other Debt Solutions
When you are looking for ways to pay off your student loans faster, one option is to take out a car title loan to pay off the balance. A car title loan is a loan that is secured by the equity that you have in your car. In exchange for an affordable interest rate, you will provide the lender with the title to your car until the loan is paid off. To get the process started, you will need to get a title loan estimate that will determine the value of your car and amount of loan you qualify for.
Receive Subsidies from Employer
Another one of the ways to pay off your student loans faster is to receive a subsidy from your employer. After you have graduated from college, some local government employers will offer subsidies to the new employees in the form of student loan repayment. If you are able to commit to working in a certain district of a city for a period of time ranging up to ten years, you could have your entire outstanding loan balance repaid by your employer.
Refinance and Consolidated
When you graduate from college and start working, a better option would be to refinance and consolidate your student loans. When you initially applied for your loans, there is a good chance that the initial interest rate is above current market rates. You may also have several smaller loans that are inconvenient to pay each month. One good option would be to consolidate all of your student loan debt into one simple monthly payment. Not only will you have less bills to pay each month, but you could receive a sizable reduction on your interest rate that can save you thousands of dollars over time and allow you to repay the loan faster.
Increase Payments over Time
While the initial monthly payment on your student loan may seem daunting, it will eventually become easier and easier to make the monthly payment. Part of this is because you will start earning more money each year through annual raises. While it may be easy to spend this extra money on higher rent payments or spending money, if you are disciplined you will have the ability to apply the extra money to your student loan balance. If you are able to increase you payments each year by just three percent, you could shorten the time it takes to pay off your loan by several years. Furthermore, once you start seeing more progress in paying down the loan, you will be even more motivated to make additional payments going forward.