Student loans can put a strain on your finances, but you can use several strategies to pay them off faster and save money.
If you enroll in autopay, federal lenders will give you an interest rate discount — usually 0.25 percentage points. Although this might not seem like much, savings can add up over timeAlso, another benefit of enrolling in autopay is that it can ensure you make payments on time and avoid late fees.Capitalized interest happens when unpaid interest gets added to the principal of your loan — which is the amount you originally borrowed.
Capitalized interest generally happens while your loans are in forbearance or deferment and you’re not required to pay any interest. You can make a lump-sum payment to pay off any capitalized interest in full to reduce your balance and pay off your student loans faster.The Standard Repayment Plan, which is the default payment plan for the majority of federal
student loans, is 10 years. By comparison, private student loans don’t come with a standard payment plan — terms can range from five to 20 years or longer. Regardless of what type of payment plan you have, sticking to it can help you pay off your loan faster than you would if you switched to a longer repayment plan.You may be able to get help from your employer to repay your student loans. Some employers offer tuition assistance of up to $5,250 per year.
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