How To Pay Off Your Student Loans Quickly | Summary and Q&A

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June 12, 2019
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Minority Mindset
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How To Pay Off Your Student Loans Quickly

TL;DR

Learn how to pay off student loans faster by accumulating enough money to pay off the balance and interest, as the longer you take, the more expensive it becomes.

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Questions & Answers

Q: Why is it important to pay off student loans quickly?

Paying off student loans quickly reduces the amount of interest paid over time, saving money in the long run. It also frees up monthly payments for other expenses or financial goals.

Q: How can paying extra money towards student loans help?

Paying extra money towards student loans early on allows the additional payment to go directly towards the principal balance, reducing the amount of interest accrued over time.

Q: What are some strategies for accumulating more money to pay off student loans?

Spending less money by downsizing on expenses, such as cars, can free up more funds to pay off student loans. Additionally, starting a side hustle or business can increase income and contribute more towards loan repayment.

Q: Why is starting a side business a good long-term solution for paying off student loans?

Starting a side business has the potential for unlimited income growth, unlike relying solely on a job. It allows individuals to leverage their skills or passion to earn additional income and allocate more towards student loan repayment.

Summary & Key Takeaways

  • 250,000 Americans default on student loans every three months, and 18 million young adults are expected to be in default by 2023.

  • Only 12 countries have a higher GDP than the total student loan balance of $1.5 trillion in the US.

  • Paying off student loans earlier saves money on interest, as more of the payment goes towards the principal.

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