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Erin from Broke Millennial reveals 3 simple tricks to help you pay off student loans faster that you can use today!

Student loan repayment estimator:

Template letter to send student loan servicer:

Paying $10 extra helped shave 1 year off repaying loans:

Broke Millennial Twitter:


The Financial Diet site:


The Financial Diet : How To Pay Off Your Student Loans Faster | The 3-Minute Guide



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  1. I haven't started paying off my loans yet because I'm still in school but I told my lender I wanted to apply extra payment to the principal but they told me I have to catch up on accrued interest first.

  2. START PAYING IN SCHOOL!!! I'm currently at ASU and have student loans from FedLoan that I started paying back my Freshman year. I try and pay $30 a month (the price of a nice dinner date or evening at the bars) which since I am still in school, applies primarily to my principle balance. Some months I don't make it or even apply a little more, but I have knocked hundreds of dollars off what I owe and it's almost my senior year. The debt growing while your in school is gaining little to no interest annually, however at the end of every school year for me it starts adding a little, so I apply a little to both (but primarily principle).

    I will note that they made it difficult to start doing this while enrolled since they don't start asking for payments until your graduation day, but you can call them and ask how you can start paying or do a little digging on their website through your account. They don't want you to start paying early – which is why you should do it!

  3. In few days of working with ZEUSHACKERS01atOUTLOOKdotCOM, my credit score has raised high enough to be able to qualify for a mortgage loan that I was not able to before. Besides that, he's so professional and friendly and easy to work with that it made the whole experience quite enjoyable. I have already recommended him to several people and all gave me positive replies.

  4. The US department of education doesn't let you pay more towards the principal if you are on income based repayment plan. It all goes towards future payments. I actually hate the way it works. I'm paying the minimum payment and investing the rest. I'll have to wait for them to be forgiven in 22 years (the forgiven balance will become a taxable income that year). Either way, millennials are screwed. I went from 30k to 130k/year income but owe 200k at 7.9% interest. Was it worth it? I don't know… Is anyone in the same boat?

  5. Just want to point out if you live in the UK do not overpay your student loans!! (I can only speak for England and post 2012, Not sure how it works before that and in other countries)

  6. is there any way u can have the previous payments applied to your principal balance? i've been making payments way above the minimum thinking that it would go towards the principal automatically bc that's what makes sense to me. i'm pissed knowing that it hasn't reduced the principal at all; i'm pretty sure 1 or 2 of my loans would be paid off by now if it went towards principal! so is there any way i can tell them to use previous payments towards the principal? am i even making sense lol

  7. It should just be a given that any extra payment goes to principal- the fact that the lender assumes otherwise, and the borrower has to go out of their way to specify, is obviously just to make more money on interest for the lender. It's good that you are exposing this so that people can make those extra payments work towards their goals.

  8. I used the biweekly method combined with the debt avalanche method on top of my monthly payments (I had 5 student loan groups with different interest rates that totaled about $22k), and was able to pay off my student debt in 2 years rather than the projected 10. Granted, I lived with my parents with about $200 in rent, a car loan, car insurance, and a cell bill, so I was able to put about half of my paycheck into my student loans. I understand that $22k is a very low loan amount, but the methods really do work, and now I put all of that money towards saving for a house! Shooting for 20% down so I don't have to pay that pesky insurance for the bank.

  9. Paying more than the min payment will add up so much!! Definitely the way to go 🙂
    𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐋𝐢𝐭𝐞𝐫𝐚𝐜𝐲 𝐅𝐨𝐫 𝐒𝐭𝐮𝐝𝐞𝐧𝐭𝐬 𝐂𝐡𝐚𝐧𝐧𝐞𝐥
    𝟒𝟏𝟎/𝟏𝟎𝟎𝟎 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫 𝐆𝐨𝐚𝐥

  10. I worked my butt off, did the debt snowball way of paying off debt, and paid off my $24,000 student loans off in 10 months (1.5 years after graduation). JUST GET IT DONE! DON'T LET YOUR STUDENT LOANS HANG AROUND YEARS UPON YEARS UPON YEARS!

  11. Paying half the monthly payment two times a month is functionally identical to paying a regular monthly payment monthly.

    What you probably meant to describe was paying half a monthly payment every two weeks. This works out to paying 13 monthly payment amounts in a 12-month time period.

    Also: Be very skeptical of financial advice from a source that incorrectly performs basic arithmetic.

  12. Really good content in this video. I end up applying a lot of the tactics in it to my mortgage, but I never got a grace period for it, RIP.

    I'm fortunately able to take my 516 monthly payment and just round up tp 600 with the difference going to the principal. I'm glad though that they just offer a checkbox for additional principal or escrow payments rather than making me have to call up and deal with a loan officer. Ick.

  13. Your example of "bi-weekly" is completely inaccurate and would still only end up with 24 payments per year. The correct example should have been "Fiona pays her student loan every second Friday in line with her pay cycle"

  14. The UNAM charges you 0,05418 dollars per year and at my university´s fee was 7 dollars per year. I studied medicine in Mexico. Maybe all of you must think about studying abroad, not necessarily Mexico but whether other places.

  15. I have a graduated loan payment type. Autopay takes the payment out of my account every month. But When I can I put any left over money into that account so when my payments increase every two years I’ll have backed myself up.

  16. I'm disappointed that you avoided mentioning the fundamental truth. Student loans are for chumps. (Yes, I realize that the person asking the question already screwed up by taking the loans, but that's no excuse for reinforcing the belief that student loans are unavoidable)

    You're much, much better off working part time while in college and only taking as many classes as you can afford with grant money and your earnings.

    That way, not only are you not saddled with debt, but you also have built up some work history and potentially gotten your foot in the door in the industry you're looking for.

    Which makes it so much easier to transition from college life to work life.

  17. I had to take out an Emergancy private bank loan my freshman year of college (family were not eligible for parent plus, so I had to make up the difference ). Once I get my tax refund, 4 years of post graduation financial ups and downs later, I am finally paying that off in full. I have other loans still, but this one was the highest interest and biggest thorn in my side, glad to be rid of it soon.

  18. You don't necessarily have to call to get the payment put on your principal balance – the online account for my student loans has always given me the option of whether I want extra money to go on the principal balance or towards future payments. I assume the same is true for a lot of people.

  19. What about improving your credit score? I've read that paying off student loans won't help your credit score even if you pay them off completely. Just wondering why paying off loans doesn't improve credit score.


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