Even though student loans can have low interest rate, they can be costly and add up once you get a job and looking to buy your first home. Paying of your loan as quickly as possible is a great way to start creating a positive financial future. So let’s take look on a few things you can do to pay off your student loan faster:
- Make extra payments - The fundamental thing you can do to pay off your student debt faster is to make extra payments when you get the chance. Even if you don’t budget, you can take the money that is left at the end of the month and make an extra payment on your loan. A small amount of money is better than no money at all.
- Sell your literature - A great thing you can do to get money for extra payments on you student loan is to sell the literature you don’t use anymore. In that way, you don't only help yourself, but you help someone who are on the same path as you once were. Selling your used literature for a cheap price to them is a win win situation.
- Sell things you don’t use - Take a look in your closets, garage and around your home for things you don’t use anymore, that someone else could buy. Most people have so many things in their homes (also known as crap) that is completely useless. Take a look around, do really need all this? Does everything you have bring joy or value to your life? If not, sort out the things you can sell and arrange a yard sale or sell your stuff on eBay.
- Don’t buy stuff - What’s the point of getting rid of stuff if you’re going to buy new crap? Not buying stuff can be really hard in the beginning because we are bombarded by advertising everywhere, in the street, on the radio, on TV and on the Internet. Become conscious of the advertising that manipulate you into buying stuff you don't need so you can take control over the things that you buy (and "want" to buy). Not buying stuff is a great and guaranteed way to ending up with more money at the end of the month you can use to make an extra payment on your student loan.
The most important thing is to make that first extra payment as soon as possible. The faster you make that first extra payment, the faster you will debt free. So take action today, even if it’s you only a small payment of $20. Good luck!