3 Easy Ways to Reduce Your Student Loan Debt

Understand your student loan options 3 EASY WAYS TO REDUCE YOUR 71% of all graduating students have student loan debt STUDENT LOAN DEBT #1 Make interest only payments while in school K subject to loan type No Interest Interest payments made payments made $7,185 %3D REDUCTION $89,833 $82,648 IN DEBT Total Debt Value $50,000 loan at 6.8% #2 Make additional payments each month Additional monthly payment value TOTAL INTEREST $0 $25 $50 $100 $150 $200 $250 SAVINGS $50 Extra = $4,041 $150 Extra = $5,469 $250 Extra $7,628 Total Interest Paid $50,000 loan at 6.8% #3 Make bi-weekly payments rather than monthly Standard monthly Bi-weekly $2,330 payments payments REDUCTION IN DEBT + 13 MONTHS $19,048 $16,718 REDUCED PAYMENT TERM Total Interest Paid $50,000 loan at 6.8% Additional Sources Brought to you by http://www.finaid.org/calculators Misfit Money http://www.studentaid.ed.gov All examples based on 10 year repayment term www.misfitmoney.com