Want to spend the most amount of money possible on your student loans? Well, here are the 5 worst ways to pay off student loans.
Why would you pay more than you have to? Well, making an extra student loan payment can be one of the best ways to pay off student loans faster. Here's how it works: in addition to making 12 monthly payments per year, consider an extra payment once every three months for a total of 16 payments per year.Be sure to inform your student loan servicer in writing to apply any extra payment to your principal balance only to limit the amount of interest that accrues.
Should you use your bonus to pay off student loans? What about the trip to Jamaica? A lump-sum payment can be any amount. For example, let's assume that you have $75,000 in student loans at an 8% interest rate and a 10-year repayment term. If you make a one-time, lump sum payment of $5,000, you would save $4,850 on your student loans and pay off your student loans 10 months early.Whenever you get a pay raise, bonus, tax refund or gift from grandma, make a lump-sum to pay off student loans.
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