There are a lot of people who have student loan balances hanging over their heads. Here are some helpful tips to quickly pay off your student loans if you are a homeowner in Kalamazoo.
Stick to the Plan
If you can afford the original repayment plan, do it! Most student loan repayment periods are ten years. If you try to lower your payment or refinance, this could add another 20-25 years of repayment. Ten years doesn’t sound very quick in general, but it is way faster than thirty years. You may also want to consider making bi-weekly payments. You will end up paying an extra month every year which will shave off extra interest and time of repayment.
Take On A Second Job
Another way to quickly pay off your student loans is to take on a second job. If your current job can cover all your immediate necessities, your second job income can go straight to your student loan balance. You may lose some of your spare time, but just think of your financial freedom. Apply at least half or ideally all that money to your student loan balance to speed up repayment. Make sure you communicate with your lender that you want the money applied to the principal. You don’t want the lender to automatically apply it to the next payment. This will also lower the overall interest paid on your loan since you are taking big chunks out of the balance. If you do not want to commit to a second job with a schedule, you could pick up a small side job. There are online bulletin boards or community groups where people can post random odd jobs, you can put that extra cash straight towards your balance. This will be a lot of work, but the long-term benefits will be nice.
Sell Your Extra Stuff
You could take advantage of online yard sale type apps and list your extra stuff for sale. Go through your closets and get rid of clothing you are no longer wearing or collectible items that may be worth some extra money. Consider selling your car to get a more affordable one with better gas mileage or refinancing your current auto loan to have a lower payment each month. You could also hold garage sales as often as your community allows and ask friends and family for their unwanted belongings to add to your sale.
Sell Your House
If you are a homeowner in Kalamazoo, the easiest and quickest way to pay off your student loans with a big chunk of money is to sell your house. You may even be able to negotiate with the buyer, paying most of the fees to have more money to put towards your balance. Take into consideration downsizing now to pay off those student loans and have more money for the future. You can put thousands of dollars towards your student loans, or hopefully, pay off the balance in full, and find a different house to live in and save some extra money. You will also save in unexpected places like the utilities and the actual time it takes to clean your house. You might be able to find a smaller, more energy-efficient home closer to your work and save you time and money daily.
Call Ryan Buys Houses at (269) 775-4095 or send us a message today to learn how to quickly pay off your student loans if you are a homeowner in Kalamazoo.