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Posted in Student Loans
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Question By
JuanitaDee

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How can I get my student loan paid off faster?
I'm paying 400$ a month on a $30, 000 student loan but it doesn't seem to go down much. How can I get it paid down faster?

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Top Contributor
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@7.5% interest, it will take 8 1/2 years

The only way is to make bigger payments on the principal. If you could squeeze out another $100 a month or every other month towards the principal,  it could reduce that loan by as much as 2 years though.  Be sure to note that any extra payment is to be applied to the principal only.   And it should be made seperatlely from your regular payment.  

The only other thing i can think of is to consolidate other debt with this and finance a seperate loan, but that will only shift the debt around and won't really fix anything. 

Top Contributor
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If you are out of school and these are Federal loans, have you looked into one of the many income-based programs that offer under 4% interest?  You can always pay more than the minimum and more would go to your principal.  Call Crest at 469-619-0644 for more information, no cost to check it out, takes about 15 minutes (quicker if you have your pin number).

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