Our way of live has been improved in many ways. Today providing an education to our kids is not such a difficult task when compare to the scenario about a decade ago. Our federal government offers many different student loan programs to educate our children but when the child gets out of their college, it will be quite shocking to see their entire educational bill amounts. Anyway if you manage to paying off student loans as quickly as possible you can save several thousands of dollars which suppose to be paid on the interest rates. Upon saving such high cost you can attain a better live.
Given below are some of the unique ways through which you can start repaying student loans quickly.
- You can consider joining in AmeriCorps or Teach for America. When you join your hands with the AmeriCorps, you will receive eligibility for obtaining specific types of grants which will let you repay the loan very quickly. Based on the amount of money you owe sometimes these grants will let you repay your entire loan.
- You can consider teaching in some low income school. When you work at these kinds of schools, you may get qualify for the loan forgiveness. You can check out the low income schools at directory of Teacher Cancellation Low Income.
- You can consider joining in military. As per rule, if any student prefers to join in the Army National Guard, automatically he gets qualified for any private or federal Student Loan Repayment program. Through this program the student can get up to $10,000 for paying off student loans.
- As per the public law if a student work for any non-profit positions then he will become eligible for loan forgiveness. So consider working in public interest or any non-profit positions.
- You can consider taking the home equity line of credit. You can walk to any of the mortgage lender and discuss with them by using your home to obtain a line of credit. Using your home equity line of credit you can pay off the loan quickly. Reason is you will get the amount with much lower interest rates. On the flip side the interest rate is variable one.
- Money you have saved through the low interest rate will help you to put more money on the loan repayment. So it will help you repaying student loans in quick possible way. But for this you should own a home under your name. Anyhow your parents have a home you can ask them to take the line of credit for you.
- If you can, consider paying more than what is required. When every month you pay more than the required amount you are decreasing the loan principle amount and you are also decreasing the loan tenure. Reducing the loan tenure will be much beneficial especially when your interest rates are high.
- You can calculate your present outstanding loan amount using the student loan payment calculator. When providing input to the student loan calculator you need consider loan type and your interest rates. To get more accurate information on student loan payment calculator you should add the capitalized interest rate to your principal amount.