How to Pay Off Student Loans

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Paying Back Student Loans
5 Ways to Pay off Student Loans Faster
Begin Payment As Soon As Possible
Make More Than the Minimum Payment
Use Your Tax Refund & Extra Money
Seek Out Loan Forgiveness and Repayment Options
If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program. Under the Teacher Loan Forgiveness Program, if you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your loans. If your school closes while you’re enrolled or soon after you withdraw, you may be eligible for discharge of your federal student loan.
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The Takeaway
Photo credit: iStock/bymuratdeniz
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About the Author
Nancy Bilyeau writes about student loans, mortgages, car insurance, medical debt and many other finance topics for Lantern. A veteran of the magazine business, she has edited stories on personal finance for Good Housekeeping and DuJour magazines and has written articles for The Wall Street Journal, Readers' Digest, Parade, Town & Country and Lifetime/A&E, among others. She is a graduate of the University of Michigan.
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