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How to Pay Back Federal Student Loans Faster
Posted under Student Loan ArticlesHow to pay back federal student loans faster is very simple. Most federal student loan programs are setup on a 15 year repayment plan and some can be extended as long as 30 years, but there is nothing that says that this is how long you have to spend repaying these student loans.
If you have private student loans, you will want to put any extra money you have towards repaying those loans first, because they typically have a higher interest rate. Also the interest rate on these loans is variable, meaning it will vary with the prime rate and will probably go up when the economy comes out of its current downturn.
You should send a check for your normal monthly payment or have it electronically withdrawn as normal. Then send and extra check for anything additional that you can pay and in the memo section write the words “apply to principle”. Anything you can do to decrease to principle will be that much less money that you are paying interest on. The sooner you get your student loans paid off, the sooner you can begin planning for your future. Knowing how to pay back federal student loans faster is something that can have you debt free in less time.
