Best practices for when student loan debt is weighing you down
Consolidate and refinance
Combining all your student loans into one loan, with one simple monthly payment at a lower interest rate can save you money as well as give you a concrete finish line as to when your student loans will be paid off.
Be sure to take advantage of the $2,500 you can deduct each year on your federal taxes from interest paid on student loans.
The sooner the better
Begin paying on your student loans as soon as possible. Though some lenders will offer grace periods, it is beneficial to pay them immediately to save money on interest and accelerate the time it takes to be debt-free.
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