8 Tips to Paying off Student Loans

In this article

Top scholarships with upcoming deadlines

Nobody enjoys paying off student loans. The monthly payment can be an overwhelming financial burden limiting your freedom. The typical repayment period for federal loans is roughly ten years, but realistically repayment can spread out over 30 years.

Do you feel like paying off your student loans is impossible? Hear me out—you are capable of accomplishing this task.

There are practical methods to make your student loan repayment more effective and ensure you make the most of each payment. Paying off your student loan debt will not happen overnight, but we have some tips you can follow to fast-track your financial freedom.

As soon as your student loans are paid off, you will be free from the financial burden and can live life on your terms. So, let's get to work!

Create a Bold.org profile and apply for exclusive grants to repay student loan debt!


Pay Right Away

Interest on student loans is often compounded daily even though the rates are marketed as yearly rates. Unpaid interest will be added to your principal balance each day if your loan's interest is compounded daily, in which case the student loan interest rate will also be applied to the new principal sum. The more interest accrued, the more money you have to pay off.

Even if it's not compulsory, consider paying back student loans while in school or during your grace period. If you can, try to pay at least enough each month to offset the interest you incur. In this approach, less interest will capitalize and be added to your principal debt when student loan repayment begins.