Student loans are the dreaded bane of a Millennial’s existence. Everywhere you look, you can find articles about how student loan debt in the United States is reaching unsustainable levels, it is a loan bubble that is going to pop, and politicians arguing about making higher education debt free. In reality, none of that matters if you already have student loans.
I am going to let you in on a little secret: Paying back your student loans is not impossible. You just need a steady income stream and reasonable expenditures. I have been paying my loans back for close to 2 years now and while I feel like I am not making progress with the high interest rate that I have, I know that as long as I keep paying, I am gaining ground.
There are a variety of strategies to reduce your student debt load at a faster rate. The most obvious way, and a method that I have recently subscribed to after refinancing through Sofi Lending, is to pay more than you owe each month. If you are unable, then you should really look into refinancing to lower your interest rate or cut your expenses so that you can afford to make extra payments. The average student has roughly $35000 in student debt. Just paying an extra $100 dollars per month reduces the amount of time that you will be paying that debt from 10 years to 8.5. Going one step further and making a large $1000 payment once a year (Use your tax refund), shortens the loan down even further to just over 6 years. You can play around with your student loan numbers here.
Refinancing is definitely in your best interest if you have high interest private loans. I was able to save over a percentage point in interest when I switched to Sofi. I even reduced the length of my loan. When I combine my new lower interest rate with my ability to make extra payments, I will be down with student debt sooner and able to use my money in much better ways. If you are interested, use this link, you and I both get 100 bucks when you use it to pursue your refinanced loan. Definitely look into it. It will save you a ton of money in the long run or give you the ability to lower your payments now if you are struggling to make ends meet.
Student loans are pretty awful, there is no denying that. But you do have the ability to pay them off. Hard work and self-control will go a long way when it comes to paying off your loans. Refinancing through a lender like Sofi offers much greatly flexibility when it comes to what you pay each month and will save your thousands and maybe even tens of thousands of dollars in the long run. I would advise you to take a look.
Sofi Lending Student Loan Refinance $100 bonus – https://www.sofi.com/refer/5/195265