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Student loans are a fact of life for many people who go on to pursue a post-secondary education. And the repayment for your student loan can feel like a never-ending burden. While there is no magic wand to make the loan payments go away, there are some strategies that you can use to pay it off quicker so you can start putting more of your hard-earned money into savings and investments that will benefit you down the road.

1. Refinance

If your student loan is from years ago, it may be at a higher-than-current loan rate. You may be eligible to arrange for a new loan to pay off your old loan, and continue payments at the new, lower, rate. But…and here’s how this strategy works best…keep paying your old payments on your new loan. Continuing with higher payments can take months, or even years, off the time it takes to pay off your debt.

2. Challenge yourself

The faster you can pay off your student loans, the less interest you’ll pay overall, so whenever you can, try to add a bit extra to your monthly payments. There are some creative ways you can squirrel away a few extra bucks. You can challenge yourself to prepare all your meals at home for a month and take the money you would have spent on dining out, or delivery, and add it to your monthly payment. Or…try going dry for the month of January and your bar budget money can be used to increase your loan repayment.

3. A little goes a long way

Whenever you get a small bump to your income, use at least part of it as a balloon payment for your student loan. Got a birthday cheque from Grandma? A tax return, or maybe you won $100 on a scratch ticket? Don’t think of these as “found money”…think of them as “found payments”!

Disclaimer

This article is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. Nor should any medical information provided in this article be considered medical or health advice and should not be considered a substitute for advice from a qualified medical professional. While reasonable efforts have been made to ensure that the contents of this article have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.

For your convenience, this article may provide links to third-party sites, ivari makes no representations about these sites and access by you is at your own risk.

References to any products or services by trade name, trademark or otherwise, does not constitute or imply endorsement, recommendation or validation by ivari.

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Toronto, ON M5W 5R3

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[email protected]

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ivari is a member of Assuris. Assuris is the not for profit organization that protects Canadian policyholders in the unlikely event that their life and health insurance company fails. Details about Assuris protection are available at www.assuris.ca.

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