How can I pay down my Student Loans?

How can I pay down my Student Loans

Student Loans can be extreme. Especially when college is at an all-time high in terms of cost. More and more Americans are facing a large debt ratio. With the job market being what it is, it’s relatively easy to find a decent job. However, is it really meeting your salary requirements? Are you making what you need to in order to pay off your debt and survive?

Where can I trim some fat?

Student Loans can be as low as $20 a month. However more than likely, you’re looking at a bill between $100-$300 a Month. That’s almost a car payment in some cases. All too often we buy things just because we want them. Those are the kinds of purchases you need to cut out of your budget. Things like, Starbucks, new clothes, video games, furniture and whatever else you may be tempted to buy just “because.”

Average Student Loan Debt

On average America’s student loan debt per capita as of 2016 is roughly $5,000. In total, the student debt is $1.5 Trillion Dollars. Student debt is a big problem in the United States. We need to make sure that all students across the country have the ability to grow financially.

Make Monthly Payments

Make sure that you make your monthly minimum payments on your Student Loans. This can be a small payment. However, I suggest paying more than your minimums. The minimums are a guide for you. But they also accrue the most interest. Your goal should be to get the lowest possible interest amount. Student Loans are sometimes a necessary evil. However, there is a way to make sure that you don’t get behind on these bills. Every month you should at the very least pay your minimums. The faster you pay it off, the less you pay.

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