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11 smart ways to pay off student loans
Borrowers can use refinancing, extra payments and forgiveness programs to shorten repayment and reduce interest, experts say.
- Financial guidance from Freedom Debt Relief outlines 11 strategies to accelerate student loan repayment, including making extra payments toward the principal balance or optimizing payment schedules.
- Before selecting a strategy, borrowers should confirm their exact loan balance and identify their specific loan servicer to ensure payments are correctly allocated toward the principal, preventing misallocation of funds.
- Two primary methods for motivation include the debt snowball, which targets the smallest balance first, and the debt avalanche, which prioritizes loans with the highest interest rates.
- Employer assistance programs offer another avenue to pay off debt, while setting up automatic payments, or autopay, can often secure interest rate discounts and help borrowers avoid missed payments.
- Refinancing federal loans into private loans may lower rates but often requires forfeiting government benefits like forgiveness programs, so borrowers should weigh these trade-offs carefully before consolidating.
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22 Articles
thepampanews.com+21 Reposted by 21 other sources
11 smart ways to pay off student loans
Freedom Debt Relief reports smart ways to pay off student loans, emphasizing extra payments, loan forgiveness programs, budgeting, and employer assistance to manage debt effectively.
·Pampa, United States
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Total News Sources22
Leaning Left4Leaning Right0Center18Last UpdatedBias Distribution82% Center
Bias Distribution
- 82% of the sources are Center
82% Center
L 18%
C 82%
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