Every year millions of college graduates year are up to their ears in debt student loan. Today, it is easier for children to go to school than it was decades ago, but the huge bill after graduation may come as a shock. However, if you pay off your loan quickly, you can save thousands of dollars in interest and improve the way you live.
Possible ways to pay loan
Join AmeriCorps or Teach for America.
According to Kiplinger, if you join any AmeriCorps or Teach for America, you will be eligible for specific grants to help you pay off your loans faster. The scholarships may even settle claims for you completely, depending on how much money you owe.
Teach in a low-income school.
According to Kiplinger, teaching in these schools can benefit your loan for forgiveness. To find low-income schools, look for the Low Income Directory Teacher cancellation.
Join the military.
According to FinAid, if a student joins Army National Guard, you may be eligible for a Student Loan Repayment Program. The program will take a student up to $ 10,000 to pay off student loans.
Join the public interest or nonprofit positions.
According to FinAid, law schools forgive loans if students work in the public interest or nonprofit. For more information, contact the National Association of Public Law, also known as Equal Justice Works
Take out a home equity line of credit.
Go to the mortgage lender to discuss using your home for a line of credit. According to MSNBC, you can use a home equity line of credit to pay off loans faster because you can get a much lower interest rate but variable.
The savings in interest will allow you to put more money in the principal amount of the loan (the amount of money borrowed excluding interest), thereby making it easier for you to repay the loan faster. Of course, to do this, you will need to own a home. However, if your parents have a house, they can take the credit line, and you can just pay each month what you owe.
Pay more than the minimum payment.
Each month, pay more than the minimum amount due on the loan. If you pay more than the minimum you will decrease the amount of time it will take to pay off your loan. Sometimes the decreased time can be very dramatic, especially if their loans have a high interest rate.
Achieving goals is much easier – and more fun! – If you work with a reward in mind. Despite being debt free is certainly a reward of its own, planning to travel or even treat yourself to a good meal is the best way to help you pay off your loans faster.