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Save Money Today on Your Student Loans
If you just graduated medical school and are already stressing out over your loans, you’re not alone. Approximately 83% of newly-minted doctors graduate with more than $100,000 in debt. A lot more. The average graduate carries about $192,000 in student loans.
If you’re carrying that level of debt, you might assume you’ll be paying it off well into retirement. But, believe it or not, it doesn't have to be that way. Here are a few ways doctors get rid of their student loans fast—sometimes in as little as a few years.
Paying off your student loans early might seem like a great idea, especially when you consider all of the interest charges you could save.
But if paying making extra payments means that the rest of your finances take a back seat while you OD on stress, it might not be the best strategy. Learning how to find some peace of mind when it comes to your student loans can help you minimize money anxiety and make smarter financial decisions.
In the words of talk show host Wendy Williams, “How you doin?”
Before you answer, maybe you should look to your right and your left and see how your “neighbor” is doing to get a different perspective. It’s easy to have a false sense of security when you’re looking in the mirror only at yourself.
There are countless things you'd probably never like to do again. Two likely contenders:
1. Live through the awkwardness of middle school
2. Study for the bar
Sick of making payments on your student loan? Here's a very simple thing you can do to pay it off faster: make biweekly half-payments instead of making one full payment every month.
That's it. It might not sound like a big, impressive change, but using this method saves you money and shaves months off your loan repayment. So what's the magic behind this method?
Ever dreamed about how it would feel to just hand your loans off to someone else? Of course. We all have.
A surprise Good Samaritan probably isn't going to step in and take over your loan payments, but in certain situations, transferring your loan balance may actually be possible.
