How to Pay Off Your Student Loans Fast
Paying off loans for students is a challenging task. Our first salary is not always enough to meet this financial obligation. Plus, for first-time professionals in a new city, it’s an uphill task to set boundaries and pay off the debt. When my husband and I got married, we started our married life with the burden of his student loan. He was fresh out of a B school. It took us a couple of years to pay off the student loan taken in India. In retrospect, we think there were a couple of things we could have done to meet the obligation faster. Here’s what we see other professionals around us do to pay off their student loans: First things first, before we try to use one or the other method, do the following: Make a Plan Know the exact amount of loan payment – principal, interest, and the tax benefit. Understand the monetary benefit of each element before plunging into the decision of repayment. Set a timeline. Not too high, say 5 years. Not too low that it becomes unattainable and...