How to Payoff Your Student Loans
Angela is a recent college graduate and an admitted spender. Thankfully for her, Angela has a job. Despite having income, like most recent graduates, Angela doesn't have a lot of breathing room in her budget. Why?
Saddled with $26,000 in student loan debt, Angela will pay $198.47 each month for the next twenty years. And, with a soft spot for coffee, dining out and clothes, Angela spends an additional $370 per month.
Angela says she wants to pay off her student loan debt before her hair turns gray.
WilliamPaid says pay as little as $25 more per month to your minimum monthly payment before visiting the salon.
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  3. Find your savings.
    Use Williampaid.com's Simple Savings Calculator to find out how much you spend each month on your indulgences such as, dining out, coffee, cabs, etc.
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  • According to the Department of Education, the average college student graduates with $23,186.
  • Whether you're recently unemployed, have health problems, or going back to school, you may be able to postpone your federal loan payments through deferments or forbearance.
  • A Direct Consolidation loan can combine all your loans into one single payment, fix your interest rate and lower your monthly payment. Beware: increasing your term may increase your interest cost.
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