How to Pay Off Student Loans Quicker

Every year millions of college graduates find themselves up to their ears in student loan debt. Today, it is easier for kids to attend school than it was decades ago, but the huge bill after graduation can come as a shock. Repaying student loans can be challenging, especially if you have other expenses like rent, utilities and other debt. However, if you pay off your loan quicker, you could save thousands of dollars in interest and improve the way you live.

Instructions

1

Join Teach for America or AmeriCorps. According to Kiplinger, if you join either Teach for America or AmeriCorps, you will be eligible for specific grants that will help you pay off your loans quicker. The grants may even pay the loans off for you completely, depending on how much money you owe.

2

Teach in a low income school. According to Kiplinger, teaching in these schools may qualify your for loan forgiveness. To find low income schools, look at the Teacher Cancellation Low Income Directory.

3

Join the military. According to FinAid, if a student joins the Army National Guard, he may be eligible for a Student Loan Repayment Program. The program will give a student up to $10,000 to pay off student loans.

4

Join public interest or non-profit positions. According to FinAid, law schools forgive loans if students work for public interest or non-profit. For more information, contact the National Association of Public Law, also known as Equal Justice Works

5

Take out a home equity line of credit. Go to your mortgage lender to discuss using your home for a line of credit. According to MSNBC, you can use a home equity line of credit to pay off loans quicker because you may get a much lower, but variable interest rate.

The savings in interest will allow you to put more money on the principal amount of the loan (the amount of money borrowed excluding the interest), thus making it easier for you to pay off the loan quicker. Of course to do this, you'll need to own a home. However, if your parents own a home, they can take out the line of credit, and you can just pay them each month what you owe.

6

Pay more than the minimum payment. Each month, pay more than the minimum amount owed on the loan. If you pay more than the minimum you will decrease the length of time it will take to pay off your loan. Sometimes the decrease in the time can be very dramatic, especially if your loans have a high interest rate.