Boredom Strikes
No Result
View All Result
  • Login
  • Register
Submit an Article
  • About
  • Business
    What is Certification International Philippines, Inc. (CIP)?

    Certification International Philippines Inc. (CIP): What You Need to Know

    12 Profitable Business Ideas for Millennials

    12 Profitable Business Ideas for Millennials

    8 Great Business Ideas You Can Start Today

    8 Great Business Ideas You Can Start Today

    How to File for Bankruptcy in the Philippines

    How to File for Bankruptcy in the Philippines

    Bankers Association of the Philippines to Members

    Bankers Association of the Philippines to Members

    Bankers Association of the Philippines

    Bankers Association of the Philippines (BAP) Launches ID Registry For #Cybersafe Campaign

    Air Intellipure To Invest Php250 Million

    Air Intellipure To Invest Php250 Million In The PH

    How will artificial intelligence affect BPO in the Philippines

    Will Automation and AI Affect the Philippine BPO Industry?

    Certification International Philippines

    How to Get an ISO Certification in the Philippines

  • Entertainment
  • Health & Beauty
  • Food
  • Inspiration
  • Lifestyle
  • Science
  • Tech
  • Travel
  • About
  • Business
    What is Certification International Philippines, Inc. (CIP)?

    Certification International Philippines Inc. (CIP): What You Need to Know

    12 Profitable Business Ideas for Millennials

    12 Profitable Business Ideas for Millennials

    8 Great Business Ideas You Can Start Today

    8 Great Business Ideas You Can Start Today

    How to File for Bankruptcy in the Philippines

    How to File for Bankruptcy in the Philippines

    Bankers Association of the Philippines to Members

    Bankers Association of the Philippines to Members

    Bankers Association of the Philippines

    Bankers Association of the Philippines (BAP) Launches ID Registry For #Cybersafe Campaign

    Air Intellipure To Invest Php250 Million

    Air Intellipure To Invest Php250 Million In The PH

    How will artificial intelligence affect BPO in the Philippines

    Will Automation and AI Affect the Philippine BPO Industry?

    Certification International Philippines

    How to Get an ISO Certification in the Philippines

  • Entertainment
  • Health & Beauty
  • Food
  • Inspiration
  • Lifestyle
  • Science
  • Tech
  • Travel
No Result
View All Result
Boredom Strikes
Home Inspiration

How to Pay Off Your Student Loan Quickly in 2020

Moon Water by Moon Water
December 31, 2020
Reading Time: 2min read
398 4
0
How to Pay Off Your Student Loan Quickly in 2020
553
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

Six months after graduating from college, the excitement you felt has now vanished as you are plagued by your student loans. You have lots of future plans, but instead, you’re thinking of how to pay off your student loan quickly.

How, when you also have bills to pay? Especially when you owe over $35,000.00 which you need to pay for ten long years.

There may not be a way to reduce your loan amount. But what if there’s a way to make that ten years shorter? Seems impossible, but really, it’s not. Below are some effective ways to pay off your student loans quickly:

Image source

Ways to Pay Off a Student Loan Quickly

  • Start paying while in school

Most college students don’t realize that they can pay for federal loans while still in school. And they can do it without getting any penalty. It isn’t the most common technique, but it certainly is an effective way to pay off your student loan quickly.

The idea is simple; shorten the life of your loan by paying early. Set aside a small amount of money from your part-time or summer jobs, and use it to make pre-payments for your student loan.

  • Pay more than the minimum amount

Another effective way to pay off your student loan quickly is to pay more than the minimum amount. You do this by adding extra money to your monthly payments. This is ideal if you have extra cash on deck.

Note, too, that the interest is calculated based on the remaining balance of your loan. By making extra payments, you shorten the life of your loan while also reducing the interest.

  • Pay extra to high-interest loans

This is similar to the previous technique, but it is applicable for multiple loans.

If you have extra cash, use it to make extra payments on your student loans. This time, make sure to prioritize paying extra for loans with higher interest.

  • Use unexpected wealth to make extra payments

Unexpected wealth may come in the form of the following:

    • a bonus you receive at work
    • money won from a lottery
    • an inheritance and others

While it is tempting to spend it for personal use or luxury, it’s wiser to use them to pay off your student loan.

Lump-sum payments with your cash windfall is a great way to finish your loan. Just think about all the luxury you can afford in the future once you have paid off your student loans.

It’s hard but effective

Although repaying student loans quickly is truly a difficult task, it is certainly achievable if you follow the simple ways mentioned above. You can also follow other techniques to help you achieve this goal. But it all boils down to discipline when handling your finances. Remember to prioritize your needs over your wants.

Moon Water

Moon Water

"Le pire ennemi, c'est soi-même." ― Charles de Leusse

Related Posts

You Might Not Know These Facts About President Duterte
Inspiration

You Might Not Know These Facts About President Duterte

January 14, 2021
Fast Facts About Joe Biden
Inspiration

Fast Facts About Joe Biden

January 14, 2021
cyberbullying facts
Inspiration

Cyberbullying Facts That You Need To Know

January 20, 2021
Environmental-Friendly Innovations You Need to Switch to
Inspiration

Environmental-Friendly Innovations You Need to Switch to

December 31, 2020
Languages to Learn
Inspiration

Top 3 Languages to Learn for Self Improvement

January 20, 2021
Rising digital artists on IG
Inspiration

Rising Digital Artists to Follow on IG

December 31, 2020
Next Post
two chefs cooking in a kitchen

Why Learn Foreign Languages for Culinary Success

Discussion about this post

Recommended Stories

Are these Pets Smart or What?

Are these Pets Smart or What?

December 17, 2020
You Won’t Believe These #Concertfails on Twitter

You Won’t Believe These #Concertfails on Twitter

November 12, 2019
a woman in a white robe holding a blow dryer to her face

Blow-Drying Mistakes You Should Avoid

December 31, 2020

Popular Stories

  • Pork Adobo Recipe

    Pork Adobo Recipe You Will Surely Love!

    1332 shares
    Share 533 Tweet 333
  • Natural Hair Treatments You Can Use at Home

    1133 shares
    Share 453 Tweet 283
  • How To Take Care Of Your Cats

    1408 shares
    Share 764 Tweet 268
  • Top 10 Foods that Boost the Immune System

    1380 shares
    Share 788 Tweet 247
  • Bring Back Joy To Your Day With These Hilarious Cat Posts

    806 shares
    Share 322 Tweet 202

Recent Posts

  • 10 Proven Health Benefits of Garlic
  • The Evolution of Nike Air Jordan Shoes
  • How to Cook Chicken Adobo

Categories

  • Business
  • Entertainment
  • Food
  • Health & Beauty
  • Inspiration
  • Lifestyle
  • Science
  • Tech
  • Travel

Newsletter

Get updates on new blog posts.

Receive new updates on new blog posts and articles.

Boredom Strikes - © 2020 Copyright. All Rights Reserved.

No Result
View All Result
  • About
  • Business
  • Entertainment
  • Health & Beauty
  • Food
  • Inspiration
  • Lifestyle
  • Science
  • Tech
  • Travel
  • Login
  • Sign Up

Boredom Strikes - © 2020 Copyright. All Rights Reserved.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In