Back to school tips…to pay off student debt faster
Student loan payments roll around every month. And you may think, “How much longer will it take to pay off my student debt?” Here are a few pointers to pay off your loans a little quicker:
- Pay more than the minimum payment, or make extra payments
- Make lump-sum payments when you’ve got extra cash or increase your payment amount when you get a raise at work
- Make short-term adjustments to your budget so you can make larger loan payments each month, like eating out less or cutting out cable television
- Use the “debt avalanche” payment method to save money on interest: pay down the loan with the highest interest rate first, while paying the minimum balance on the rest of your loans (click here to learn more and access a debt avalanche calculator)
- Consolidate or refinance your loans so you get a lower interest rate
- Check if your loan servicer offers interest rate reductions (some will give an interest rate deduction for enrolling in automatic payments)
You can read more tips in this Forbes article.
Currently taking graduate or undergraduate courses? Did you know that Hertz offers Tuition Reimbursement? Read more about the program and find out if you are eligible.