These are the 5 worst ways to pay off student loans:
Here’s what you need to know - and what to do about it.What’s wrong with only paying the minimum payment? After all, that’s your obligation, right? Remember: interest is always accruing on your principal balance. So paying any amount more than the monthly minimum can lower the cost of your student loans. For example, let's assume you have $70,000 of student loan debt at a 8% interest rate with a standard 10-year repayment term.
If you decide to apply for a federal student loan forgiveness program, make sure you understand the requirements for student loan forgiveness so you don’t get stuck. The requirements can be tricky.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.
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