Here's how to pay off student loan debt:
If you have federal direct student loans and can’t afford your current monthly payments, you may qualify for one of the four income-driven repayment plans.
When you consolidate, you can extend your repayment term, giving you up to 30 years to repay your loan. With a longer term, you can significantly reduce your monthly payment, but you will pay more in interest over time. Your interest rate will also be a weighted average of your prior loans’ rates, rounded up to the nearest one-eighth of a percentage point.Be sure to make use of any payment-reduction offers your loan servicer provides, such as automatic payment discounts.
By law, the extra amount paid must go to your loan’s fees first, then outstanding interest, then principal; but your servicer might “advance the due date”—by default or as an option when you make the payment—meaning it applies extra money to the following month’s bill. So when you pay extra, make sure to instruct your servicer not to advance your due date, and to keep charging you as requested each month so you stay on track.
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