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8 Tips for Paying Off Student Loans FAST
Student loans can be an overwhelming burden especially as a recent graduate trying to jumpstart your career. “The national student loan debt is $1.6 trillion with the average student loan debt for recent college graduates is more than $30,000.” Unfortunately paying your debt off isn’t going to happen overnight but there are a few ways to tackle your student loans.
1. Create a Budget
The best way to stay updated and active on making your monthly payments is to set up a budget with all your income and spending. Fortunately, there are a number of free budgeting apps that can help you set aside your money in different categories to keep you more aware of your spending habits.
You might find that you can cut back in different areas that can best be applied towards your student loans. With a budget, you’ll also be able to set goals and witness the progress that you are making each month. This is the first step in noticing your spending to make healthy financial decisions for your future.
2. Make additional payments
By paying more than the minimum payments you can save thousands of interest. While it may be tough to find a way to make additional payments, you will also be paying off your student loans much faster and avoid having to continue to pay…