We all know that the cost of higher education has just skyrocketed in recent years. While education is so, so important, many are getting crushed under the weight of their student loans. With unrealistic monthly payments and incredibly lengthy terms, student loans are a major source of stress for those who have recently attended college—and rightly so.
I went back to school to get my MBA when I was 50, so I feel this pain. And, while most of us can’t eliminate loans altogether there are some things we can do to reduce what we owe.
The biggest help for me was refinancing my loan with LendKey. LendKey partners with community banks and credit unions to ensure you are getting the best repayment rate available. Lowering your interest rate has huge implications and will save you thousands of dollars over the life of your loan.
The other thing that’s really cool about LendKey is that your credit score isn’t dinged for checking out what rate you qualify for, so you aren’t negatively impacted in that way. And, they offer lots of free resources on their site. Feel free to check them out using my affiliate link here.
Regardless of who you use, making sure you get your interest rates as low as possible will save you the most money in the long run.Regardless of who you use, making sure you get your interest rates as low as possible will save you the most money in the long run. Click To Tweet
Other savings tips when it comes to student loans:
- Claim them on your taxes. The student loan interest deduction allows up to $2,500 in federal and private student loan interest to be deducted on federal income tax returns.
- Make your payments on time each month. Paying your bills on time has a huge impact on your credit score, which greatly affects the rate at which you can borrow for other things and in the future.
- Find money to pay your debt down faster. Purge clothing and belongings that are no longer serving you by selling them online or having a yard sale. Return bottles and cans, or pick up an extra job, if your schedule allows it.
Although the debt part sucks, your education was worth it. Just keep plugging along and you will get it paid off eventually.Although the debt part sucks, your education was worth it. Just keep plugging along and you will get it paid off eventually. Click To Tweet
As always, sending you tons of light and love.