Want to know how to quickly pay off your student loans?

Aug 12, 2018, 4:50 AM
(Creative Commons photo)...
(Creative Commons photo)
(Creative Commons photo)

If you’re between the ages of 25 and 35, chances are you have student loans you’re still paying off. That’s just the sad reality of my generation.

As soon as we graduate from college, most of us have Sallie Mae hunting us down for her monthly payments.

If you’re in that situation, I want you to do this one thing: Pay off those debts as quickly as possible!

Here are some practical ways to get those student loans off your back as fast as you can:

Make (and stick to) a budget

Yes, a budget! If you have no idea where your money is going every month, then it’s impossible to make sure you’re putting that hard-earned cash toward things that matter — like getting out of debt. With a monthly budget, you should be making sure your basic needs are taken care of — food, housing, utilities, transportation — and then paying off as much debt as possible. The budget will help you see how much you can put toward that debt.

Pay your smallest debts first

If student loans are your only debts, then get moving on them. But if you have other debts like credit cards or a car payment, list all your payments on paper, including the student loans, and pay them off from smallest to largest. By paying off the smaller ones first, you’ll get a couple of quick wins that will help you stay motivated.

Consolidate your debts

This is the only time I will ever tell you to use debt consolidation. A few guidelines: Make sure you consolidate into an interest rate that’s lower than the one you have now. Also, mentally prepare for a larger balance on your one loan. Two $20,000 loans would consolidate into one $40,000 loan.

Take an extra job or work overtime

I know, I know. If you’re working a full-time job, the thought of working even more hours might wear you out. But remember, this is just temporary. The faster you get these loans paid off, the faster you can return to a sense of normalcy in your life.

Moving forward, I want you to focus as much as possible on getting rid of those loans. All the money you send to Sallie Mae every month is money that could be going toward building your future — emergency savings, a down payment on a house, and retirement.

Don’t let student loans hang around any longer. Be intentional, make a plan, and knock them out as quickly as possible!

Dave Ramsey

(Pixabay Photo)...
Dave Ramsey

Dave Ramsey says: Debit card has same fraud protections as credit card

For anyone wondering, a debit card has the exact same protections against fraud that a credit card has.
2 days ago
(Pexels Photo)...
Kristina Ellis

How college students can earn cash over winter break

One thing that helps with paying for college (or covering those extra expenses along the way) is making the most of your holiday breaks.
4 days ago
(Unsplash Photo)...
Dave Ramsey

Dave Ramsey says: Sit down with mom, talk over loan payment situation

Mom has wrong idea about an old loan. Offer to be her biggest cheerleader and help her find a good financial coach, but under no circumstances take a loan she took out and put it under your name.
9 days ago
(Pexels Photo)...
Kristina Ellis

These tips will help you and your kids save money on college application costs

Qualified high schoolers can get a fee waiver that will let them apply to college free. This can seriously help cut back on college application expenses.
11 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Pay off the debts in collection starting with smallest

There’s no upside to not paying what you owe. It’s an integrity issue, it’s a legal issue, and it’s a credit issue. Start knocking out the debt that’s in collections from smallest to largest.
16 days ago
(AP Photo/J Pat Carter, File)...
George Kamel

Make the most of marketing schemes Black Friday, Cyber Monday

We’ve all made our share of shopping mistakes on that fateful weekend after Thanksgiving, but not this year, my friends. Here are six money-saving tips that will make these sales work for you.
18 days ago

Sponsored Articles

Quantum Fiber

How high-speed fiber internet edges out cable for everyday use

In a world where technology drives so much of our daily lives, a lack of high-speed internet can be a major issue.
(Desert Institute for Spine Care photo)...

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
Want to know how to quickly pay off your student loans?