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Student Loans: Use these tips to save $1,000s and pay off debt faster

Attending college can be very expensive, which results in students taking out thousands in student loans. Over time, the debt really adds up.

student loans sticky note with cash for payment

When students choose to attend college, they often have no choice when it comes to taking out loans and creating more debt.

Tuition and fees for a 4 year private college degree is an average of $38,070.

There are 6 tips to use to help pay off your student loans and save while doing it

First, create a plan.

Instead of just winging it when loans come due, plan it out.

Keep track of the balance, interest rate, and when you should have it paid off by.

What is the income limit for student loan forgiveness?

You’ll stay on track this way.

Next, budget it out.

According to The Sun, the 50/30/20 rule is the best way to save.

This means 50% goes toward essentials, 30% goes toward saving and goals, and 20% goes toward non-essentials.

110,000 people could benefit from loan forgiveness

Pay more than the minimum payment each month.

This helps less interest grow in the long term.

Choose to use autopayments if the lender offers you a better interest rate in exchange.

For your day to day life, follow the 24 hour rule.

If you see something you want, wait 24 hours to see how you feel before you buy it.

Finally, pick up a side hustle to earn extra money to put toward your student loans.

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