#TipTuesday: Good Ways to Quickly Pay Off Student Loans

Each Tuesday, BBB puts out a new set of tips every consumer can use to keep themselves safer and smarter when making financial decisions.
April 21, 2014

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.

Better Business Bureau serving E. Washington, N. Idaho & Montana is one of 113 BBBs in North America and the second largest by geographical service area. You can also find BBB on FacebookTwitter & Pinterest.