Soaring to Speed Up Your Student Loan Pay Off?

Soaring to Speed Up Your Student Loan Pay Off?

by Kevin Ree

Making extra payments is a great way to accomplish this… BUT make sure this is working for and not against you.

Use these empowering tips from Champion Empowerment Institute:

  1. After accrued interest payoffs, request through your servicer that extra payments go where you see fit, e.g., loans w/smaller balances or higher interest rates.
  2. Check your online account. Some servicers give options on how to apply extra payments.
  3.  For check/money order payments: Write in the memo section where extra payments should be applied, e.g., “Apply to Principle”. 
  4. Continuing with extra payments? (AWESOME!) Ask the servicer to retain your request on how to apply additional funds. Ask that it be on file and confirmed in writing. 
  5. Be careful! Extra payments can advance your due date (change the due date) AND interest still accrues. If you don’t like this, ask your servicer NOT to advance the due date- some will, others need to know their customers (YOU) want this option. Speak up. 🙋‍♀️ 🙋‍♂️

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