This week for #TipTuesday, BBB presents some good ways to more quickly pay off student loans.
Tip #1 - Pay more than the minimum. Paying a little more each month costs you less interest in the long run, shortens your overall payoff schedule, and pays off loans faster.
Tip #2 - Highest interest rate first. Accounts with the highest interest rates grow fastest. Pay those down first and you reduce the debt's amount of growth.
Tip #3 - Know your options. Depending on your situation you may pay through multiple loan servicers or consolidate into a single payment. Ask your loan servicer for more information.
Tip #4 - Consider paying bi-weekly. Paying bi-weekly instead of monthly gives interest less time to accrue. It also gives you an extra payment in each year, helping the loan pay down faster.
Tip #5 - Learn all you can. Visit bbb.org or find a BBB Accredited financial specialist to learn other great ways to quickly pay off your student loans.
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