Effective ways to pay off student loan ASAP

Got a student loan? Then, read on and find out how you can pay it in full ASAP.

14:42 05 May 2013

Most people graduate and leave school with huge a student loan to pay. For a lot of us, this is usually one of the first huge loans that we need to plan for efficiently so it’ll be paid in full ASAP. Believe me, you don’t want to start a 30-year mortgage and save for your retirement while you’re still paying your student loan.

Here’s how you can pay this debt ASAP:

• Plan ahead. If you owe thousands of pounds, it’s important that you have action plan as to how you can pay your debt. Know how much money you make per month and deduct all your expenses.

Through this, you’ll have an idea as to how much money you can afford to put into your student loan every month. Depending on the amount, you may request for the extension of payment term. You can have it re-adjusted once you find ways on how to make more money.

• Know your priorities. People who get their paychecks every month can easily spend all their money on things that they do not really need. Make a conscious effort to save every penny by knowing your wants and needs. By cutting down your expenses, you’ll have more money that you can use to pay your student loan.