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I owe alot for both undergrad. and graduate school close to 100K. I make good money and have a part time job that pays decent as well. What’s the fastest way to pay down my student loans? I have no other debt except for a mortage payment. Any advice?
This is a great question and one that I’m sure will have many opinions.
I wrote a detailed post today you can check out about the 4 primary ways to pay down debt (I think it’ll help explain your options in greater detail):4 Easy Debt Reduction Strategies.
The two primary debt reduction methods are the “debt snowball” method (paying off smallest debt(s) first) or the “highest interest rate” method. Depending on the amounts of each of your debts, I’d consider taking both approaches: if you have some smaller student loans (in comparison to the other loans), then I’d focus on paying the smallest debts off first and getting those monthly payments back into your budget. Once the smaller loans are eliminated then I’d attack the one with the highest interest rate until it’s gone and repeat with the highest interest debt at that time.
If all of your loans are large (over $20k/each) then I’d focus on paying the highest interest loans first.
I have close to $100,000 in student loan debt too, went to a scam for-profit and have no job. I just started blogging about getting out of debt. I will do everything I can to find a job and do odd jobs for cash this year, 100% of my income going towards my debts. The easiest way to pay down your debts is to increase your income and reduce your spending, putting more money towards your debts.
Do you have private loans? Pay those first. Consider putting your federal loans into ICR or IBR plans.
YEah I owe about the same also. Full time and Part time jobs pay well. My loans are all consolidated into one. Are there any strategies that I can employ to get them paid off fast?
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