A humble student loan is one of the greatest financial gifts you can give yourself.
It’s a loan that’s been built up over years of hard work and you can earn some of the highest interest rates on any credit card you own.
If you’re not prepared to repay it quickly and fairly, you could be making yourself debt slaves for years to come.
If that’s not the case, there are plenty of ways you can help your student loan debt go away.1.
Apply for a Hush Bundle.
You can get a student loan waiver with a hush bundle.
A hush-bundle is a monthly payment that’s set to lower your monthly payment on your student loans by $50 a month.
When you use this payment method, the monthly payment will be reduced by 20 percent, or about $20 a month, for the next 12 months.
To qualify for this payment, your monthly payments should be between $60 and $100 a month (depending on how much you borrow).2.
Save for College.
If the $50 monthly payment you get from the hush is lower than the $80 you would pay if you applied for a $1,000-a-year loan, you can save $1 a month on your next monthly payment.
A single $1 payment on a $600 loan will give you $1.50 a week (roughly $12.80 a month), and if you take out a $2,000 loan, the savings will be $6.50 (roughs $18.20 a week).3.
Pay down your student debt with a low interest rate.
Even if your monthly loan payments are $100, a $200 loan may still be cheaper than a $500 loan.
That’s because many lenders charge a lower interest rate than a conventional loan.
A low interest loan may be less likely to become delinquent.
And even if your student payment is less than $100 (depending upon the type of loan you have), a $50 loan is still a bargain, especially if you don’t have a credit score or an outstanding balance on a traditional loan.4.
Take out a low-interest credit card.
A credit card with a 10% APR is one option for those with small monthly payments, especially when you don:1.
Pay off a home equity line of credit with it.
Most credit cards offer a 30% APR and you’ll get a $0 down payment.
The 30% will help pay for the monthly payments for the first three years of your loan, so you’ll be saving $3 a month if you pay off the credit card each month.2.
Pay interest on a credit card in full.
When a credit-card company offers a 10 percent APR, it can help you save money on interest payments by paying off a balance with your credit card within 30 days of making a payment.
This will also lower your interest rate if you’re paying off the balance with the card.3.
Earn interest by paying down a credit line.
If your monthly student loans total $1 or less, you’ll earn interest by taking out a credit loan or paying off an installment loan, which will reduce your monthly monthly payment by 10 percent.4, Get a loan refinancing service.
If there’s a credit company offering a low cost, no-interest refinancing program, you may be able to get one.
For example, you might be able get a loan to pay off your mortgage in a few years.
If not, the credit company will pay the balance back with a $100 down payment and a 10-year term loan.
The $100 you pay will reduce the amount of your monthly credit card payment to zero, so your payments will be lower each month as the interest rates decrease.
If you’re looking for more savings options to make the most of your student credit, consider getting a credit report and applying for a mortgage loan from a mortgage lender.
A mortgage can help reduce your interest rates and improve your credit score.