[L] Student loans can often be scary and thats Why you should slay them. The more you see how much you owe, and how fast your interest is rising, the more motivated you can be to fight back by paying those loans. One staffer, after she saw how much money she was wasting on interest payments, increased her student loan payments by $ 75 a month.
[M] It can also be tempting to believe that your student debt is so big that nothing you do can ever make a dent in it. Thats completely untrue. Only paying your loans will shrink them. It will take years, true. It will take even longer if you dont pay, or pay the minimum. Theres only one outcome of shirking your loans: ending up with bigger loans. Then youre in an even bigger bind. No one is going to save you from student loans. Action counts.
Choose a strategy
[N] Any payment is a good payment, but a strategy can be very useful too. There are two aspects to loans :principal and interest .Principal is how much youve borrowed ,and the interest is what youre paying every month for the privilege of having borrowed that money. Your goal is to pay down as much of the principal as possible. Your chief enemy here is interest: it grows fast, and makes the principal recede more distantly.
[O] So make sure you know the rank of your loans, in order from smallest to largest, and lowest interest to highest interest. Do whatever is possible to reduce the interest; as our columnist Helaine Olen points out, Sallie Mac offers you a 0. 25% reduction in your loan interest if you sign up for an automatic debit plan--just make sure the money is always going to be in your account. If you dont want to do that, follow Helaines other piece of advice: youre smarter to pay off the loans with the higher interest rate flint. This will create the biggest impact. Another popular strategy is the snowball method, where you pay the most on the smallest debt owed. So if you have a $20,000 loan and a $10,000 loan, the snowball method means you will start paying more towards the $10,000 loan. Youll see it disappear faster. These two methods dont always go together; so try what feels comfortable. The important thing is to see and track your progress.
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