The 3 Best Ways To Pay Off Student Loans

there’s 44 million borrowers who are currently in the process of paying back their loans and the United States one paying it back normally as if you did nothing to change it so what that means is that you’re responsible for a minimum monthly payment and you need to pay it whether you’re trying to have a job whether you’re not in a job you’re responsible for that payment no matter what and you could pay the minimum but then interest compounds even more highly suggest to pay the total balance every single month the second option are income based repayment plans income based repayment plans basically take the salary you have and take a certain percentage of that salary off the top so that you’re not responsible for paying it back if you have below $50,000 in salary and you’re also not responsible if you have no salary at all this is super helpful for people with flexible job types especially freelancers entrepreneurs definitely something to consider and then the other options that are very popular are plans where you’re refinancing and potentially consolidating your loans so this is basically private lenders who say hey you’re a good credit risk we believe that you’re gonna pay us back we will give you a lower rate and we will pay back the government for you now and you’re then responsible for paying us and a lot of the times rates can go below the 5% mark especially with a good credit score there are many different options and opportunities here there are newer lenders which you could find online and there are also the typical larger banks I highly encourage looking at the newer lenders who offer preferential rates because they’re looking for new customers like you so evaluate all the options everyone has a specific scenario the one thing in common I could say for all is be careful about your credit score build it take out a credit card use it responsibly and there are many different resources online to be able to teach you how to manage and build your credit score which is great for student loans [Music]

6 comments on “The 3 Best Ways To Pay Off Student Loans”

  1. Nick Keith says:

    #hr2366 would make ALL student loans fair again. Join you student loan justice state chapter on Facebook. Ask your Congressman to cosponsor HR 2366 today!

  2. Zachary Mitchell says:

    Pay more

  3. Kong says:

    best way if your student interest is higher than interest you get from bank.
    Pay it off.
    3.4% (lowest rate in history)
    if it is anything but 3.4% pay it off.

    you can find some banks paying 4.5% interest now.
    so you don't need to pay off student loans at 3.4% pocket the 1.1% interest instead.
    then just pay min.

    but reminder you are saving money not spending what you cannot afford.
    done done.

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  5. econ dude says:

    Don't borrow in the first place…so who hired you because of your degree again? At a higher salary?

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