If you want to pay the student loan quickly, pay more than the required monthly minimum. This will help you pay off the debt quickly and pay less in interest. Other ways to pay off student loans fast are refinancing autopay and be-weekly payments.
- Make additional payments to pay off the debt. However, check if there are any penalties of additional fees in case you pay more than the minimum.
- Refinancing will replace your student loans with a new private loan. The new loan will have lower interest rates so that you can save money this way.
- Some providers will offer you lower interest rates if you sign in for autopayments. This means that you can direct the money you would otherwise pay for interest in paying off the debt.
- Biweekly payments will help you put an extra payment annually.