What Are Some Strategies for Paying Off Student Loans?


Quick Answer

Some strategies for paying off student loans include choosing the right repayment plan, signing up for an auto-deduction plan and paying off private loans before federal loans. Graduates may also want to look into refinancing the loan, earning extra income and cutting costs, according to U.S. News.

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Full Answer

Repayment options can make a big difference in terms of repaying loans quickly. Federal loans offer a variety of different options, including income-based repayment plans for low-income graduates, graduated plans that increase repayment as income increases and straight repayment, which is designed to repay the loan within 10 years, as reported by CNBC. Choosing the auto-deduction option for government loans usually leads to a lower interest rate.

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