What’s the best way to make additional payments to pay off student loans fast? Make your regular payment on time via auto-pay and then schedule another extra payment for the next day. Under federal regulation, lenders apply your payment to late charges or collection costs for your loan, then to any outstanding interest accrued since your last payment, and then to your principal. Private lenders typically follow suit.
“People often make the mistake of going with the option that has the smallest monthly payment, which causes them to pay thousands more in interest over the loan’s life span,” says Lauren Asher, the president of the Institute for College Access & Success, a nonprofit that works to make college more affordable. Aim to put 10 percent of your gross (that is, pretax) income toward your education debt. Go to studentaid.ed.gov to calculate which repayment plan fits your budget.

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The average savings amount is based on customers that consolidated student loans with us from 2014 through August 2018. Your actual savings amount might vary depending on your interest rate, loan balances, loan term and other factors. Depending on your new loan APR and repayment term, consolidation could increase the total cost and length of your loan.
Fixed interest rates will stay the same for the life of the loan but usually start our higher. Variable interest rates, on the other hand, fluctuate over time according to the market rate, but typically start our lower. There is no right answer to which is the best private student loan rate type; it really depends if you think interest rates will generally increase or decrease in the future.
The stark reality is most American students and families have to borrow money as part of the overall financing process to pay for a college education. In fact, according to the 13th Annual Project on Student Debt, “Student Debt and the Class of 2017,” published by The Institute for College Access & Success (TICAS) in 2018, average student loan debt among college seniors is $28,650. Moreover, approximately 15% of the debt acquired among the Class of 2017 was non-federal debt.
We’ve updated our Top 10 List of student loan tips for students preparing to graduate and enter “the real world.” Many students are looking at their student loans more closely now than they ever have before, and wondering how they will handle the burden. Our tips can help young people keep payments affordable, avoid fees and extra interest costs, and protect their credit rating.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
Private student loan volume is expected to return to the 25% annual growth rate unless there is another increase in federal loan limits or an expansion of the availability of federal student loans. For example, the proposal for expanding Perkins loan funding from $1 billion a year to $8.5 billion a year will cause a significant decline in private student loan volume. But so long as federal loan limits do not increase every year, private student loan volume will continue to grow at double-digit rates.
Applying for federal student loans is easy amd takes about an hour to complete. In filing the FAFSA you have already applied for federal student loans. The FAFSA is your application for Direct Subsidized and Unsubsidized Student Loans and for the federal Perkins loan.  Before you begin, make sure to have this information handy to make the process go faster:

This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. StudentDebtRelief.us is a private company not affiliated with the Department of Education of the Federal Government.
You may have already realized that automatic online loan payments make your life easier. What you may not know is that all government and some private lenders charge a slightly lower interest rate (usually 0.25 percent less) if you make your monthly remittance this way. Over 25 years of payments, you’ll reduce your repayment period by at least a year, says Reyna Gobel, the author of Graduation Debt ($15, amazon.com). Best of all, you can sign up now, even if you’ve been repaying your loans for years.
As a general rule, students should only consider obtaining a private education loan if they have maxed out the Federal Stafford Loan. They should also file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid. Undergraduate students should also compare costs with the Federal PLUS Loan, as the PLUS loan is usually much less expensive and has better repayment terms.

First, you’ll want to take a look at what repayment options lenders offer for students while they are in school, so you can find one that fits your budget. Making payments while you are in school can help you save on interest, but you should only sign up for a payment plan you can keep up with. As long as your lender doesn’t impose prepayment penalties, you can always make additional payments when you can afford it.
There is a narrow window (billing cycle of between 21-25 days) to avoid interest charges if balances are paid in full. Loans may be deferred until after graduation, or interest-only payment may be made during school. If you don't pay the interest, it will be added (capitalized) to your loan balance following the grace period, at the start of repayment.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The stark reality is most American students and families have to borrow money as part of the overall financing process to pay for a college education. In fact, according to the 13th Annual Project on Student Debt, “Student Debt and the Class of 2017,” published by The Institute for College Access & Success (TICAS) in 2018, average student loan debt among college seniors is $28,650. Moreover, approximately 15% of the debt acquired among the Class of 2017 was non-federal debt.
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
Keep in mind that you should work with a lender that doesn’t charge loan origination fees, which might cancel out interest savings. It’s also a good idea to weigh the risks of refinancing federal student loans, because doing so would change them to private loans and permanently forfeit federal protections such as income-driven repayment and forgiveness options.
There are legitimate ways to have your loans forgiven, but there are often very specific requirements you must meet in order to qualify. Research forgiveness programs ASAP, as it may affect your repayment strategy. For example, if you’re interested in Public Service Loan Forgiveness, you’ll want to make sure you have the right type of loans from the get-go (which may mean you have to consolidate), and you’ll want to make sure to get on an income-driven repayment plan.
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