Want to spend the most amount of money possible on your student loans? Well, here are the 5 worst ways to pay off student loans.
Why would you pay more than you have to? Well, making an extra student loan payment can be one of the best ways to pay off student loans faster. Here's how it works: in addition to making 12 monthly payments per year, consider an extra payment once every three months for a total of 16 payments per year.Be sure to inform your student loan servicer in writing to apply any extra payment to your principal balance only to limit the amount of interest that accrues.
Should you use your bonus to pay off student loans? What about the trip to Jamaica? A lump-sum payment can be any amount. For example, let's assume that you have $75,000 in student loans at an 8% interest rate and a 10-year repayment term. If you make a one-time, lump sum payment of $5,000, you would save $4,850 on your student loans and pay off your student loans 10 months early.Whenever you get a pay raise, bonus, tax refund or gift from grandma, make a lump-sum to pay off student loans.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
5 Things Student Loan Borrowers Should Be Doing Right NowThere have been significant student loan servicing transfers, sweeping changes to student loan forgiveness and relief programs (many of which are temporary), and ambiguous messaging from top Biden administration officials about what to expect in the coming months. Here's what borrowers should do.
Read more »
There Shouldn’t Be So Many YachtsOn Slate Money: The world would be a much more democratic place if there were fewer yachts.
Read more »
The Power of Hidden TeamsGreat teams aren’t a product of great workplaces. Great workplaces are a product of great teams.
Read more »
On Artificial General Intelligence, AI Sentience, And Large Language ModelsThe public discourse on these topics needs to be reframed in a few important ways.
Read more »
Why Diverse Teams Are SmarterA 2015 study found that companies with greater ethnic and racial diversity in management were 35% more likely to have above-average financial returns.
Read more »
Red Hood Confesses He Should Never Have Been RobinIn a heartbreaking summary of his life, Jason Todd reveals the day he was born was the happiest day of his life. Unlike Dick Grayson, becoming Robin didn't heal him, and while he valued his time with Batman, being a sidekick wasn't the answer to his pain.
Read more »