According to Business Insider, the best ways to pay of students loans quickly include understanding the repayment guidelines, making financial sacrifices, making more than the minimum monthly payments and making payments as often as possible. Individuals should make payments more than once a month and account for every penny spent.Continue Reading
Business Insider notes that completely reading through the student loan guidelines informs the borrower how much his minimum payments are, payment due dates and how much he can plan to pay every month. All paperwork and forms should be read before they are signed.
According to Business Insider, making sacrifices, such as going without the latest TV, video game console, phone and car, helps students have more money available to pay off student loans faster. A borrower doesn't have to do without, but he should think of where and how he is spending his available income.
By making more than the minimum loan payment every month, students have less to pay in accrued interest, and the same is also true when loans are paid off as quickly as possible. There's no need for a student to wait until his loan grace period is up before he starts making payments, states Business Insider.Learn more about Personal Loans
Borrowers can use high risk personal loans to consolidate high-interest credit card debt in order to attenuate interest payments and expedite debt repayment, explains NerdWallet. In addition, personal loans do not require collateral. However, personal loan lenders tend to demand more information, which can be problematic for the deeply private, and take several days to approve loan applications, which disadvantages borrowers with an immediate need for cash.Full Answer >
Western Sky Financial offers unsecured loans that have repayment periods of between one to seven years but have annual interest rates as high as 355 percent, according to DailyFinance This payday lender is based in the state of South Dakota and is Native American-owned. The company claims it operates under Native American laws, which allows it to circumvent state and federal criminal usury laws.Full Answer >
Short-term loans for college students include those that the student's school offers as well as outside financial assistance programs and private loans, explains CollegeScholarships.org. However, borrowing from a private lender usually incurs higher interest rates and inflexible repayment terms, which makes it an option of last resort.Full Answer >
There are a few different types of financial hardship assistance, including difficulty making monthly payments on debt from home, auto or student loans or difficulty making monthly rent payments. The exact type of assistance available may vary by institution; for example, Wells Fargo Bank has a specialized assistance program that can help its customers work out payment plans and other deals to cope with excessive credit card or loan debt, as reported by Wells Fargo. Different banks may take different approaches to offering hardship assistance.Full Answer >