dcsimg The Get Rich Slowly Forums • View topic - Fastest Way To Pay Off a Student Loan

  GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Tue Sep 30, 2014 10:59 am




Post new topic Reply to topic  [ 11 posts ] 
Author Message
 Post subject: Fastest Way To Pay Off a Student Loan
PostPosted: Tue Feb 05, 2013 8:07 pm 

Joined: Tue Feb 05, 2013 4:59 am
Posts: 1
Hello everyone,

I'm new to this forum, and I'm seeking insights on how to pay off student loans earlier. I currently owe 41k in student loans, and I've been paying roughly 400 dollars a month toward the debt. I've been using the Investopedia trick of double payments to pay off my loans earlier.

http://www.investopedia.com/university/student-loans/student-loans6.asp#axzz2K55zCRrR

Things you should know before you give me advice:
1. I currently have no credit card or car loan debt
2. I'm 33 and I've just started saving for retirement
4. I usually throw in one extra payment on my student loans a year with my tax refund.

Thanks for your time.


Top
Offline Profile E-mail   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Wed Feb 06, 2013 8:04 am 

Joined: Fri Jun 25, 2010 3:06 pm
Posts: 81
So, here's what you do:

1. Earn money.
2. Use that money to pay back loan.
3. Repeat until loan is paid off.


Top
Offline Profile E-mail   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Wed Feb 06, 2013 9:43 am 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1624
Location: Seattle, WA
What is your question? .


Top
Offline Profile   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Wed Feb 06, 2013 10:39 am 

Joined: Fri Jul 27, 2012 8:28 am
Posts: 88
Make sure your extra payments are being applied to your highest interest loans (assuming you didn't consolidate.) If you are lucky and don't have them through Sallie, you can indicate which accounts to send extra payments to through the website. Through Sallie, you have to physically mail in the check to do that.

Beyond that, there are not any tricks. It's just a matter of making money and paying the loan.


Top
Offline Profile E-mail   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Thu Feb 07, 2013 9:44 pm 

Joined: Fri Jan 18, 2013 7:21 am
Posts: 95
Location: New York
I guess you could accrue even less interest by splitting up your payments to a weekly basis?

Can't hurt to ask if your employer does student loan help... particularly if you work for the government

I can't think of any faster ways.

_________________
http://debtblag.com

Track my fiscal fitness with $0.5 million in debt: http://getrichslowly.org/forum/viewtopic.php?f=11&t=61052 Latest update: As of April 16, I've paid off $21,400 in credit card debt this year (after starting with $35k)


Top
Offline Profile E-mail   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Mon Feb 11, 2013 2:37 pm 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1624
Location: Seattle, WA
Mario wrote:
I guess you could accrue even less interest by splitting up your payments to a weekly basis?


You would probably spend more on stamps doing this than you would save.


Top
Offline Profile   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Mon Feb 11, 2013 2:55 pm 

Joined: Fri Jan 18, 2013 7:21 am
Posts: 95
Location: New York
stannius wrote:
Mario wrote:
I guess you could accrue even less interest by splitting up your payments to a weekly basis?


You would probably spend more on stamps doing this than you would save.


Maybe he could set up an automatic debit from his bank or from his employer... or just pay online

_________________
http://debtblag.com

Track my fiscal fitness with $0.5 million in debt: http://getrichslowly.org/forum/viewtopic.php?f=11&t=61052 Latest update: As of April 16, I've paid off $21,400 in credit card debt this year (after starting with $35k)


Top
Offline Profile E-mail   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Sat Feb 16, 2013 12:37 pm 

Joined: Wed Feb 13, 2013 7:21 pm
Posts: 2
Location: California
I don’t remember all of the details right now, but I’m pretty sure that I’ve seen information saying that you can get your loans reduced by signing up for an automatic debit and making a certain number of payments on time. Also, if you spend some time working in certain professions (like teaching) you may be able to get some of your debt forgiven. Don’t know if either of those are options for you, but it might be worth looking into.

-Doug
Spam Removed


Top
Offline Profile E-mail   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Mon Mar 11, 2013 3:12 pm 

Joined: Fri Jan 18, 2013 7:21 am
Posts: 95
Location: New York
douglas wrote:
I don’t remember all of the details right now, but I’m pretty sure that I’ve seen information saying that you can get your loans reduced by signing up for an automatic debit and making a certain number of payments on time. Also, if you spend some time working in certain professions (like teaching) you may be able to get some of your debt forgiven. Don’t know if either of those are options for you, but it might be worth looking into.

-Doug
Spam Removed


0.25% is the rate discount they give you for auto-debit. Loan forgiveness happens after 300 on-time payments if you sign up for IBR or 120 if you're a federal employee

_________________
http://debtblag.com

Track my fiscal fitness with $0.5 million in debt: http://getrichslowly.org/forum/viewtopic.php?f=11&t=61052 Latest update: As of April 16, I've paid off $21,400 in credit card debt this year (after starting with $35k)


Top
Offline Profile E-mail   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Mon Mar 18, 2013 9:35 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Its hard to respond, beyond what others have mentioned, without knowing the rest of your budget.

At 33, you should be saving for retirement, how much are you saving? Are you maxing out, getting a match (if there is one), etc.

Regarding the loans, what are the interest rates?

And look at the rest of your budget, is there room to increase earnings, decrease expenses to free up more money to put towards killing your student loans?

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


Top
Offline Profile E-mail   
 Post subject: Re: Fastest Way To Pay Off a Student Loan
PostPosted: Wed Apr 03, 2013 2:04 pm 

Joined: Fri Jan 18, 2013 7:21 am
Posts: 95
Location: New York
Sam wrote:
Its hard to respond, beyond what others have mentioned, without knowing the rest of your budget.

At 33, you should be saving for retirement, how much are you saving? Are you maxing out, getting a match (if there is one), etc.

Regarding the loans, what are the interest rates?

And look at the rest of your budget, is there room to increase earnings, decrease expenses to free up more money to put towards killing your student loans?


Your comment makes sense. If these are subsidized loans, you might have such a low rate that it's worth paying other loans first (Mortgage? HELOC? Unsecured personal? Boat?)

_________________
http://debtblag.com

Track my fiscal fitness with $0.5 million in debt: http://getrichslowly.org/forum/viewtopic.php?f=11&t=61052 Latest update: As of April 16, I've paid off $21,400 in credit card debt this year (after starting with $35k)


Top
Offline Profile E-mail   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 11 posts ]  Moderators: bpgui, JerichoHill


Who is online

Users browsing this forum: Google Adsense [Bot] and 13 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki