3 answers

What is the best way to pay off student debt?

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I will have a huge amount of student debt upon graduating from school. I need to find as many ways to pay it off as I can. #student-loans

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3 answers

Robert’s Answer

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Hello Adam, every persons finances are different. I had a lot of student loan debt that I have gradually chipped away at. Here are some pieces of advice that I have personally used.
- Create a budget and see how you are spending your money.
- Stay focused and control your spending. Drinks, dinners, lunch, and coffee can take large chunks of your income. Watch these pitfalls but more importantly beware of big ticket items such as new cars.
- Find other means of income. I waited tables and bartended for a long period of my post college life.
- Listen to others. The internet has tons of webpages and podcasts that give me tips on finance.
Your answer is great Robert, thanks so much for sharing your expertise! At this moment there are more than 800 unanswered questions so I wanted to encourage you to keep going! So many students will benefit tremendously from hearing from you. Keep up the great work! Jordan Rivera COACH
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Ann’s Answer

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Hi Adam,


My guess is that you aren't able to afford your payments. That's ok. Most students can't. I am assuming they are federal student loans. If they are, then the government has several payment plans to help students lower their monthly payment. In the next steps I will give you two links. One is for the federal student aid site that has all of the payment plans. The other is for Direct Loans. They are a lender of federal aid and can assist you in consolidating all of your loans into one large loan with lower monthly payments. Good luck, and let me know if you need more options.

Ann recommends the following next steps:

  • This site explains the different repayment plans that are available. https://studentloans.gov/myDirectLoan/ibrInstructions.action
  • I can't get the link for consolidation to post for some reason, but you can it from the link above. In the menu on the right hand corner is an option for loan consolidation.
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M. Lavern’s Answer

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Pay down the principal early, rather than the interest. If you're making pre-payments while in school, make sure they're going to th the principal amount, rather than the interest. ...
Know which loans you should make prepayments on. ...
Live at home. ...
Refinance if possible.
Make Bi-Weekly Payments. ...
Round Up the Payments. ...
Find Extra Money. ...
Make One Extra Payment. ... every two months
If you are getting money back on your income tax pay half of the return back on to your student loan. Plan for this a year ahead of time so you will remember that the tax refund is commitmen to this purpose.
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