Personal Finance

How To Quickly Pay Off Student Loan With Low Income

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Student loan is a major part of many college graduates’ life. Mine was. When I left med school a few years ago, I had almost $50,000 dragging me down financially. I had just started my first job out of college and was using a sizeable portion of my paychecks for student loan payments.

 

Repaying my student loan became my number one priority even if it meant I had no  savings and lived paycheck to paycheck. That sure made life miserable, I even starting doing surveys to make extra money. A few months later, my then boss advised me to refinance my student loan but with a private company not the government.

 

Refinancing your student loan means the private lender pays off your loan and you become in debt to them. However, their interest rate is much lower and you will end up paying way less and saving a ton in return. I went from paying $350 per month to $185 and saved $8000 in payments in the process.  Say what now!!! Did I forget to say that it was FREE to refinance my loan. I didn’t have to pay any fees to get the process started.

 

Who Did I Refinance With?

Shopping around and getting advice on the best companies took a while. Eventually, I found out which company was best for refinancing my student loan. Citizens Bank was the most suitable company for me but everyone’s needs will be different. That is why you need a comparison of different companies. For this, I recommend LendEDU; it is also free to use. Building my credit score for a better chance of approval was one of the requirements. I really needed that lower interest rate; interest rate lower than 3%. I had no idea it was even possible!

 

 


 

 

SoFi, Citizens Bank, Earnest, Education Loan Refinance, LendKey and CommonBond are all companies that are best for refinancing. LendEDU helps graduates to compare the rates of all the companies without having to go through them individually.

 

They make it easy for you to choose which company is most suitable for you to refinance and consolidate your student loan. They shop around and get the best rates for you. It is only one easy application process that saves you from submitting several applications. You can get started here, the process is fast, free and easy!

 

Four years later I am debt free, no longer living paycheck to paycheck and getting on with a much healthier financial life. Student loans are a pain, and most of us feel that pain.  My best tip is to refinance your student loan. Life will be much better after. All the best!!

 

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