3. Reward Programs
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Many credit cards offer reward programs for spending money. Many of these reward programs can allow you to put the rewards they offer towards student loans. Some programs are education specific, allowing you to put any credit you earn directly towards paying off loans or debt. Look around for a program that fits your buying habit. One thing to note is that it is definitely not worth it to spend extra in order to earn more rewards. This will not work out in the long run, and will probably lead to credit card debt.
2. Enrolling in Auto-Debit
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Enrolling in auto-debit allows you to never miss a student loan payment again. This program allows your student loan servicer to automatically withdraw your agreed payment from your debit account each payment period. The upside of enrolling in auto-debit is that you will always make your payments on time and some student loan lenders even offer discounts for signing up for auto-pay programs. FinAid.org claims “The most common loan discounts include a 0.25% interest rate reduction for having your monthly loan payments direct debited from your bank account.” Although this seems like a very small amount, the amount saved on student loans can really add up over time.
1. Get Aid from your Employer
Some employers offer student loan benefits to workers. Government employees can receive up to $10,000 a year is assistance paying back student loans through the Student Loan Repayment Program. The Army, Navy, Air Force and National Guard offer their own student loan repayment programs for qualifying education loans. Teachers also have the opportunity to apply to student loan forgiveness programs. The Teacher Loan Forgiveness Program offers “forgiveness up to a combined total of $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans.” This does come with the commitment of teaching for 5 years.
