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How to find all your student loans

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How To Prioritize Student Loans for Payment

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Get All of Your Debt Information Together

In order to prioritize your debt, you need to understand your debt – if you’ve got multiple lenders and a mix of public and private loans, this can be a hassle

Sign up for’s student loan management tool so you can see all of your loans (public and private) in one interface to get the data you need to develop your plan

Make sure you have information on whether the loans are public or private, the interest rates, principal and balance owed

Evaluate Your Disposable Cash Situation

To take advantage of a debt avalanche strategy. you either have to have some spare cash to devote to the plan or you have to create some

If you make enough money to pay your student loan payments each month with cash to spare, you’re in a good situation

If you are barely scraping by, that’s okay, you just need to rethink your debt approach

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Additional Step to Pay Student Loans if You’re Cash Strapped

If you have no extra money and are just scraping by each month to pay your student loans, there are some extra steps to take to create some room in your budget

For any federal loans you have, apply for income based repayment or pay as you earn repayment

Use a student loan calculator to create an amortization table so you know how much your monthly interest payments are – here’s a link to one to use (be sure and click “print payment schedule” to view the amortization table you need)

If your IBR or PAYE payments are lower than your monthly interest amount, you’ll want to bump those payments up until you are covering the interest due each month (see this on your amortization table for each loan) so your loan balances don’t rise

Take the difference between what your loan payments were and what they are under an IBR or PAYE revamp and use this to devote to your debt reduction plan

If you’re already on IBR or PAYE and are still struggling, you need to either cut living expenses, consider looking for a second job or apply windfalls such as income tax refunds, bonuses or cash inheritances or gifts from family to your plan

  • As a final alternative, if you qualify for a deferment that will subsidize your interest for three years, you can take that but then use the income that is freed up to devote to your debt avalanche
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    Implement the Debt Avalanche

    Under the debt avalanche method, you

    tackle your highest interest loan first

    With your loan information in hand, you can see which loan is accruing at the highest interest rate

    Attack this one first, no matter if it is public or private or how large or small it is compared to your other loans

    Put all extra cash toward this loan – after you make your other loan payments (if you’re under IBR or PAYE, be sure to pay in enough to meet your monthly interest before taking this step)

    When you pay your extra money in each month, request that the lender apply it to principal and not future payments – if you don’t specify this, your strategy will not be as effective

    As soon as your highest interest loan debt is extinguished, take the amount you were normally paying on it (your monthly payment) plus your disposable income you were paying to fast track it. combine these and use them to attack your next highest interest rate student loan

    Repeat as necessary

    Using the debt avalanche method, you will pay off your loans much faster than under any other approach and will pay less interest overall as a result.

    Join to easily manage your student loans for free. Get Started

    From The Blog

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