5 Smart Strategies for Paying off Your Savi Student Loan Faster
If you have recently graduated from college, you may be struggling to pay off your student loans. According to a report by CNBC, the average student loan debt per borrower in the US is around $30,000. This debt can be a significant burden and may take years to pay off.
However, there are some smart strategies that you can use to pay off your Savi student loan faster. In this article, we will discuss five of those strategies.
1. Make Extra Payments
One of the most effective ways to pay off your Savi student loan faster is by making extra payments. By paying more than your required monthly payment, you can reduce the interest you owe and pay off your loan faster.
When making extra payments, be sure to specify that the extra funds should be applied to the principal, not the interest. This will help you save money in the long run.
2. Consider Refinancing or Consolidating Your Loans
Another way to pay off your Savi student loan faster is by refinancing or consolidating your loans. By consolidating your loans, you can combine multiple loans into one loan with a lower interest rate.
Refinancing involves taking out a new loan with a private lender to pay off your existing loans. This can result in a lower interest rate and lower monthly payments.
3. Sign Up for Auto-Pay
Signing up for auto-pay is another great strategy to pay off your Savi student loan faster. Auto-pay is a service offered by most lenders that automatically withdraws your monthly payment from your bank account.
By signing up for auto-pay, you can ensure that your monthly payments are on time and avoid any late fees. Some lenders may even offer a discount on your interest rate if you sign up for auto-pay.
4. Take Advantage of Employer Student Loan Repayment Benefits
Some employers offer student loan repayment benefits as part of their benefits packages. If your employer offers this benefit, be sure to take advantage of it.
Employer student loan repayment benefits may cover a portion of your monthly loan payments or offer a lump sum payment to help you pay off your loan faster.
5. Use Windfalls to Pay off Your Loan
Finally, using windfalls to pay off your loan is another smart strategy. A windfall is a sudden, unexpected financial gain, such as an inheritance or bonus.
Instead of spending your windfall on unnecessary items, consider using it to pay off your Savi student loan. This can help you make significant progress in paying off your loan faster.
In conclusion, by following these five smart strategies, you can pay off your Savi student loan faster and save money in the long run. Remember to make extra payments, consider refinancing or consolidating your loans, sign up for auto-pay, take advantage of employer student loan repayment benefits, and use windfalls to pay off your loan.
