Check for Loan Forgiveness Programs to Ease Student Debt
Focus on High-Interest Private Loans and Stay Informed on Federal Relief
According to Go Banking Rates, over 43 million Americans have a total of $1.727 trillion in federal student loan debt. On average students borrow about $32,637 to earn a bachelor’s degree at public universities with higher amounts for private schools. To manage this debt start by checking if your loan can be forgiven through recent programs which have already canceled $146 billion in debt. Also prioritize paying off high-interest private loans and stay updated on new federal debt relief options.
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43 Million Americans Carry $1.727 Trillion in Student Loan Debt: 7 Strategies to Pay Off $50,000 in Under 5 Years! (PHOTO: WSB-TV)
Strategies to Accelerate Debt Repayment and Leverage Employer Assistance
If you want to pay off your debt faster there are several things you can do. One option is to temporarily stop saving for retirement and use that money to pay down your loans instead. This can help you save more in the long run because student loan interest rates are often higher. Picking up a side job like driving for Uber or freelancing can also give you extra money to put toward your debt. Refinancing your loans might help too, especially if your credit score has improved because it can lower your interest rates and shorten your repayment time.
Employers can assist with student loans by offering up to $5,250 annually in tax-free benefits. Requesting a raise bonus or one-time payment can also help. Additionally, making biweekly payments instead of monthly ones results in an extra payment each year. These strategies can help pay off $50,000 in student loans in under five years.
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