One Method to Pay Off Student Loans

Student loans are a huge source of stress for many professionals. They are un-forgivable debts that can take years to get rid of.  Here's one way to pay off student loans and free yourself from the burden.

Your Loan Repayment Program

First you have to pick your repayment plan. I used Income based repayment, but there are many new options out there to fit your needs! At the end of the day, they all help adjust your payment amount to suit your salary.

Make Extra Payments

Once you do all of this: 1 - pay bills 2- pay rent 3 - save into your emergency fund Send extra money left over into your loans!

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Important: Apply extra payments to the principle.

This is key.  Applying payments to your principle helps you lower the interest you accumulate. You win on all sides!

Live Below Your Means

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As long as you've got student loans looming over your shoulder, you should live below your means.  You can still have fun, but be sure to budget and ensure you can afford the things you do buy!

One Last Note

Think of your payments as investments. You save on interest (future earnings) and you are releasing yourself from the stress and burden of it all (invest in your mental health!)

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