There are also many loan repayment programs geared toward professionals in the healthcare and legal fields. Borrowers must be on an income-driven repayment plan during that time to qualify for PSLF, so their monthly payments will be lower than normal. The Public Service Loan Forgiveness (PSLF) program will cancel any remaining balance after 120 monthly payments while working for an eligible nonprofit or government organization. Taking advantage of these programs can help you pay less each month while also saving on total interest. If you have federal student loans, you may be eligible for several loan repayment and forgiveness programs. Having all the information in one place will help you determine the most efficient debt payoff strategy. Open a spreadsheet and write down the following information for each loan: To find your private student loans, check your official credit report from all three credit bureaus at Your credit report should list any private student loans taken out.īefore you start throwing extra money toward your student loans, you should figure out how much you owe. The FSA website will only list your federal loans. If you don’t remember your username or are having trouble logging in, contact the FSA at 1-80. If you recently graduated and don’t know how to find your student loan information, log onto the Federal Student Aid (FSA) website to locate your federal loans. Lower interest rates means more money goes to your balance and more income will mean you can make larger payments. Two things that can make the pay off go even faster are lowering your interest rate on private loans and increasing your income. Then you’ll choose a loan to focus on and start paying them off one a time, paying as much extra as you can. You’ll need to get your information together so you know you what you’re dealing with. Paying off your student loans early is just like paying off any other debt. May miss out on future loan forgiveness opportunities.Can delay other financial and personal milestones.May earn more money by investing extra funds. ![]()
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