Written by Jasir Jawaid
Getting through college is stressful enough, but add debt to that equation, and the situation goes from bad to worse. EducationData.org estimates that the average federal student loan debt balance in the U.S. is $37,014. The standard repayment plan for federal student loans says students pay off the money in 10 years. But 10 years quickly become 20 if you're making minimum payments. While these payments may be easily manageable, they drastically extend your repayment timeframe.
But repaying debt can be an overwhelming task. You have to stick to a budget and ensure every extra cent is going toward repaying the money you owe. But, at times, you may feel your payments are barely moving the needle. Because your loans accrue interest, minimum payments don't really put a dent in your loan balance. But here are a few strategies you can undertake to repay $30,000 in student loans in a few years.
This article was published on JoyWallet and can be read here in full.