Want to Pay off Your Student’s Loan Faster? Here’s How to Do it In 5 Steps

5 Smart Ways to Pay off Your Student Loans Faster

As much as we would like to help people get a good loan deal, we also make it our goal to give our clients some tips to repay their debts. Loansolutions PH understands that paying a student loan is one of the burdens new graduates may face, albeit a rewarding debt that helps one advance in life.

Negotiate your salary, bonus and other monetary perks at work.

The higher your salary the more likely you’re going to finish off paying your dues. So make sure to negotiate your salary range, albeit politely and reasonably. It also helps to give your employer a heads up that you have incurred college debt just to know if they’re offering some kind of support to help you get over this credit. Another wise solution would be to do freelance work after your full time job and allocate a portion of the money you’ve earned for your credit.

Start paying as early as possible.

Ideally, start paying your dues right the moment you receive your first salary. To ensure you’ll be consistent with your payments, have it deducted automatically to your payroll card.
Pay as frequently as you can. Making consistent payments is just the basic. To ensure you’ll get rid of your college debt faster, make advance and excess payments whenever your budget allows.

Maintain a low-maintenance lifestyle.

Unintentional expenses can get you farther from goal. So if you want to get over your loan, make it the priority and pass off the luxuries new grads usually sign up to. You can buy a new car, hang out in bars, binge in restaurants and drink specialty coffee to your heart’s content once you’re done with the student loan for good.

Be strict with your budget.

Create a realistic budget; one that only addresses your basic needs. Then, make sure to follow it strictly. This is one of the best ways to control your spending and save up some extra cash for your loan.

Track your progress.

Monitor how much you’ve already paid and how much more you’re going to pay. In the same way, keep track of your personal budget. Cut down on expenses you think aren’t necessary. Remember, nothing else can give you more motivation than knowing that you’re getting closer to your goal of finishing off that student loan. And you’ll be amazed at how disciplined you are for passing off luxuries and sticking to the basics and your priorities.

Paying off your loan really takes discipline and effort, but it will all be worth it once you’ve paid it in full. We at Loansolutions PH will be here to help our clients for any concerns regarding loans.

Written by Maricor Bunal

Mari writes for Loansolutions to help educate people in making informed-decisions on taking out loans and becoming responsible borrowers. Being the COO, she feels it is her social responsibility to do so. Learn more from her as she shares tips, advises and stories on finance. Also, she's fond of 9GAG, so you might read some random stuff over here.