Secret Strategies for Paying Off Student Loans Fast
Exploring Income-Driven Repayment Plans
For federal loans, income-driven repayment plans can adjust your monthly payments based on your income and family size, making them more manageable. These plans, such as Income-Based Repayment (IBR) or Pay As You Earn (PAYE), can extend your loan term but also provide opportunities for loan forgiveness after 20-25 years3. Although this approach might not directly reduce your loan faster, it can alleviate financial stress, allowing you to allocate extra funds towards principal payments when possible.