Learn How to Pay off Student Loans Fast with these 6 Strategies

how to pay student loan fast

The thought of starting to pay off student loans might sound overwhelming. Most people take between 5 and 10 years to be debt free, but you can do it faster. No matter if you haven’t joined college yet or have already finished college but have student debt, these tips will be useful for you. In this article, we will cover how to pay off student loans fast so that you can study with a free mind.

Pick the Best College Deal

Firstly, if you haven’t got a chance to enroll to a college yet, you will definitely want to try this site. These platforms help you find the best college based on your interests, preferred location, benefits, and of course, budget.

College Overview‘s creed is “to ensure that prospective students like you find the school you’ve always wanted to attend.”

The platform has 7,000+ colleges on its list and over 15 years of experience in the field. Based on the criteria you select, they will match you with the optimum choices in the US. The programs you can opt for include online courses, Bachelor’s, Master’s, Associate’s, and Doctoral’s.

how to pay off students loans fast
Photo by Andrea Piacquadio

Side Hustles

There are companies that view student loans as an employee benefit. So check if your company is offering an employer student loan repayment program and enroll in it.

As we previously discussed in How to Pay Off Credit Card Debt, if you have a job or got a raise, use the 50-30-20 technique to pay your debt. This way 50% of the extra income goes to debt, 30% to savings, and 20% to monthly spending.

If you don’t have a job yet, use sites like Inbox Jobs to help you find one that meets your criteria. Depending on how many hours you wish to work – office or remotely, in preferred domains, they will provide you with the best options.

Receive Funds

It may seem too good to be true, but there are many ways to receive different kinds of funds. Found Benefits is a company that helps you access various funds and resources. By entering the site and completing the one-page form, you will receive offers such as assistance benefits, personal loans, credit offers, and even housing or unemployment opportunities.

Use “Found” Money

You might not be familiar with the term of unclaimed assets. In US there are funds and assistance programs that can get you free money and benefits. By completing the form on this site you will know the options you have. Did I mention that all of this is free?

Use Apps for Savings

You can check this article – 10 Money Saving Apps to Help You Spare $1000/Year to help you save in all fields you are spending money.

Apps such as Acorns or Go2Bank can assist you in your saving money process, build your credit score, and get you rewards & cash back.

In order to create a new mentality towards savings, you can make rules for yourself regarding the strict budget for spending. You can also put aside towards your loan at least $5-10 each month.

Stop Spending on Household Items

But how would I be able to do that when I need each one of them, you might ask. The answer is simple. If you want to save money to pay off student loans, you can start by saving on essentials.

There are multiple sites in the US offering freebies in any household category. Anything from cleaning products to baby essentials, skincare items, and even food. You might end up saving a few hundred each month which will go towards paying your student debt – or towards your student’s savings account.

I Love Samples is free to use and can get you boxes full of samples – with free shipping. While this is 1/10 of the actual product, by requesting samples from multiple sites like this one you’ll save some serious cash. You can also join Free Sample Pro & Samples & Savings.

In order to add even more ways to save money to your list, you might want to check How to Save when the Money is Tight.