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Save Money Today on Your Student Loans
If you feel like your monthly student loan payments are barely making a dent in your loan balance, it might be time to see if you qualify for a lower interest rate. In fact, lowering your interest rate by even 1% can save you thousands of dollars over the life of your loan.
So how can you get a lower interest rate? Here's what you need to know.
If you want to reduce the monthly bill for your federal student loans, you have a lot of options.
There are currently four income-driven repayment plans that let you recalibrate the amount you pay per month based on how much you earn. The idea is that you pay what you can afford, as a manageable percentage of your income.
Does it feel like you'll never pay off your student loans? I have so been there.
By the time I got serious about paying off my student loan debt, the money I owed had swelled into thousands more than the original $16,000 loan I took out. With the interest that had accrued, on top of the late fees I had amassed because of my carelessness, I was now looking at another barrier to becoming debt-free.
Today, more and more smart college students are making efforts to attack their student loan debt while they are still in school.
Why? Because even small amounts of money applied to pay student loans while in school can save thousands over the repayment lifetime after graduation.
