4 Ways to Pay Off Student Loans Faster!
– All right, so here are four ways to pay off your student loans faster. Number one, you got to get mad. That’s right, you’re not going to make progress if you’re like, yeah, I’m kind of okay with my student loans, it’s fine. If I pay it off in a decade, no big deal. Yeah, yeah, yeah, you’re
not going to pay them off fast if that’s you. You’ve got to get passionate.
You’ve got to get mad. Because number two is the debt snowball, and this is where you
pay off all of your debts, smallest to largest, regardless of the interest rate. Pay minimum payments on everything, and pay off the smallest debt first. Now you do this because
you’re going to see traction. And you’re going to see your quick wins, because personal finance is 80% behavior. It’s only 20% head knowledge. So if you have multiple student loans, put them in the order, again, of smallest to largest
with all the other debt. Now, if your student loans
are sold to another company, it can get kind of confusing, so go online and just
specify the smallest loan that you are paying toward,
and just know, this is it. And focus on that. Now, if you are paying
off student loan debt, then I’ve got a great goal tracker for you so you can track your progress. So click the link in
the description below. Number three is to refinance. All right, keep in mind, first off, you’re only able to do this one time if your loan is through Sallie Mae. Second, you have to get a fixed rate. And third, it’s only worth
it if your fixed rate is lower than your current rate. And just to throw it out there, you may find that if you
consolidate your student loans you’ll get a better rate as well. And consolidation, when
it comes to student loans, is the only type of debt I’m
okay with you consolidating. But again, you can only do that once. And number four, adjust
your tax withholding. Now this is something that
you may not think about when it comes to your student loans, but it’s going to help you
pay them off faster, because if you got a big
refund in your taxes last year, that money is your money. That could have been working toward paying off debt this whole year. So, go and adjust your withholding, so that that money goes
back into your paycheck. And I have a whole video
that explains this, so click the link in the show notes.