A Look at the Most Efficient Ways to Pay Down Your Student Loan Debts

Millions of Millennials are struggling under the massive burden of student loan debt. The Fed recently reported that student loan debt is now at $1.16 trillion in the U.S. The more worrying statistic is that 11.3 percent of student loans are overdue. So what are the most effective ways to get your payments under control? Get on top of the small details. You should know who your lender is, how much you owe and how much you have to pay off. You can get help finding all of this information from the National Student Loan data system. You will save a ton of interest payments if you aim to complete a standard 10 year repayment option. Drawing up a budget can help keep you disciplined. You can also take advantage of the annual $2,500 student loan interest deduction from the IRS to help pay down your debt. Income driven repayment plans are also a good option to consider. You can cap your monthly payments at a percentage of your income each year. Some plans will also forgive remaining debt after no more than 25 years. The Public Service Loan Forgiveness Program will cancel your debt after 10 years of payments if you work full time as a public school teacher, public safety officer, member of the armed forces or the government. So career choice can also play a part in your loan budgeting.

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