Comments on: What is the best way to pay off student loans more quickly?

By: Mum

Mum — Thu, 27 Nov 2008 21:18:32 +0000

Any time you can lower your debt, your interest will be less. You know, I don’t know how they work – I leave my daughter to decide how she’s going to do it, and she and her significant other have a system. I don’t think they can be set up like a loan for a car, Simple Interest, so if you don’t have any papers on the loans, get in touch with the source, and let them give you advice. Or, go to one of your Professors, preferably in the monetary side of education, and see if he or she can put you on the right track. It stands to reason, any time you lower the balance, the interest will go down remarkably, but your credit is still good so long as you pay the interest payments themselves regularly. Good luck!

By: bdancer222

bdancer222 — Mon, 24 Nov 2008 12:07:08 +0000

When you send in extra money, make a separate check indicating it’s to be applied to principal.

By: Gerald

Gerald — Fri, 21 Nov 2008 22:57:45 +0000

Make double payments…

By: Judy

Judy — Wed, 19 Nov 2008 01:07:32 +0000

If you pay an extra amount with your monthly payment, it should go toward principal. If you just pay a couple days early, it would basically count as your next payment but might save a very small amount in interest.