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Now that you know how important it is to make your student loan payments on time, developing a solid financial plan for repayment is an essential tool to help keep your student loan payments affordable and within your monthly budget.

New Mexico Student Loans

You can use our calculator to estimate your repayments of private student loans. Private Student Loan Repayment Calculator

 

Federal Student Loans

Learn about what repayment plans you qualify for and estimate your federal student loan payments. Federal Loan Repayment Estimator 

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Plan and Pay Off Your Student Loans

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Paying extra even a few times a year on your principal will help pay down your balance quicker. Be sure to ask your loan servicer to apply the extra payments to the principal and not an earlier release date though.

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Pay Extra

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Paying every 2 weeks instead of monthly may allow you to budget better and also possibly pay a little more each payment.

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Pay More Frequently

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Knowing exactly what your monthly expenses currently are and exactly where you spend your money will help you identify places you can cut back on spending and where you can potentially add those additional funds to paying down your student loan faster.

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Prepare a Monthly Budget

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Work with your bank to set up a new account that is used just to pay your student loans, have money automatically moved into this account each month, that way, the money isn’t lumped with your other expenses.

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Establish a Separate College Savings Account

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Teaching, Public Service, Nonprofit Organizations, Military and Government Organizations might be eligible for student loan forgiveness if you work for them.

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Find a job that qualifies you for Student Loan Forgiveness

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Learn More

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If possible, stick with the original Standard Loan Repayment option as this is the way your loan will be paid off faster, with the least amount of money. Repayment and consolidation programs can help lower your monthly loan payments but will most likely extend the payment term of your loan by several years and cost more interest in the long run.

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Try to avoid Loan Repayment Programs and Loan Consolidation

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Many private loans including one from us offer a 0.25% interest rate reduction for signing up for automatic payments. Even this small amount adds up in the long run.

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Explore Interest Rate Reductions

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You might be eligible for a student loan interest deduction and there are some tax credits you might be eligible for while you are currently paying tuition including grad school.

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Use Tax Credits and Tax Deductions

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If you are getting a raise or a bonus at your job, put that money towards your student loan or ask your employer if they could help you pay your student loan off by offering to take a lower salary and commit to staying on the job for a specific time period.

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Ask your employer to help pay your student loan

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If you have several student loans and want to get out of debt, focus on paying down the loan with the highest interest rate first. This includes loans with variable interest rates (which we don’t offer because we don’t think it’s a good idea because the rate might skyrocket). You avoid paying more interest if you pay off the highest interest rate loans first and then focusing on the fixed rate and federal loans.

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Pay off the Highest Interest Rate Loan First

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10 Ways How to Pay Off Your Student Loans Faster

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Plan and Pay Off Your Student Loans

Now that you know how important it is to make your student loan payments on time, developing a solid financial plan for repayment is an essential tool to help keep your student loan payments affordable and within your monthly budget.

New Mexico Student Loans

You can use our calculator to estimate your repayments of private student loans. Private Student Loan Repayment Calculator

 

Federal Student Loans

Learn about what repayment plans you qualify for and estimate your federal student loan payments. Federal Loan Repayment Estimator 

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10 Ways How to Pay Off Your Student Loans Faster

1

Pay Extra

Pay Extra

Paying extra even a few times a year on your principal will help pay down your balance quicker. Be sure to ask your loan servicer to apply the extra payments to the principal and not an earlier release date though.

2

Pay More Frequently

Pay More Frequently

Paying every 2 weeks instead of monthly may allow you to budget better and also possibly pay a little more each payment.

3

Prepare a Monthly Budget

Prepare a Monthly Budget

Knowing exactly what your monthly expenses currently are and exactly where you spend your money will help you identify places you can cut back on spending and where you can potentially add those additional funds to paying down your student loan faster.

4

Establish a Separate College Savings Account

Establish a Separate College Savings Account

Work with your bank to set up a new account that is used just to pay your student loans, have money automatically moved into this account each month, that way, the money isn’t lumped with your other expenses.

5

Find a job that qualifies you for Student Loan Forgiveness

Find a job that qualifies you for Student Loan Forgiveness

Teaching, Public Service, Nonprofit Organizations, Military and Government Organizations might be eligible for student loan forgiveness if you work for them.

6

Try to avoid Loan Repayment Programs and Loan Consolidation

Try to avoid Loan Repayment Programs and Loan Consolidation

If possible, stick with the original Standard Loan Repayment option as this is the way your loan will be paid off faster, with the least amount of money. Repayment and consolidation programs can help lower your monthly loan payments but will most likely extend the payment term of your loan by several years and cost more interest in the long run.

7

Explore Interest Rate Reductions

Explore Interest Rate Reductions

Many private loans including one from us offer a 0.25% interest rate reduction for signing up for automatic payments. Even this small amount adds up in the long run.

Use Tax Credits and Tax Deductions

Use Tax Credits and Tax Deductions

You might be eligible for a student loan interest deduction and there are some tax credits you might be eligible for while you are currently paying tuition including grad school.

9

Ask your employer to help pay your student loan

Ask your employer to help pay your student loan

If you are getting a raise or a bonus at your job, put that money towards your student loan or ask your employer if they could help you pay your student loan off by offering to take a lower salary and commit to staying on the job for a specific time period.

10

Pay off the Highest Interest Rate Loan First

Pay off the Highest Interest Rate Loan First

If you have several student loans and want to get out of debt, focus on paying down the loan with the highest interest rate first. This includes loans with variable interest rates (which we don’t offer because we don’t think it’s a good idea because the rate might skyrocket). You avoid paying more interest if you pay off the highest interest rate loans first and then focusing on the fixed rate and federal loans.

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