Student loans offer a convenient way to receive a college education. However, it can be challenging to pay them back without the help of a financial advisor, as the average graduate carries a balance of more than $32,000. Even with a steady income, this can be difficult to manage. Fortunately, there are several ways that borrowers can pay off their loans quickly. Here are a few strategies to apply to your situation.

How to Eliminate Your Student Loan Debt Faster

1. Maximize Payments

One of the most effective steps you can take to reduce student loans is paying more than the monthly minimum. If you only pay the minimum, it will take you the full repayment term to eliminate the debt and you have to pay considerably more interest. Create a bi-weekly plan so that you pay half of what you owe every two weeks. By doing this, you’ll end up making one additional payment for the year.

2. Make Extra Payments

Aside from paying more each month, think about making lump sum payments whenever you have extra funds. For example, when you receive a work bonus or tax refund, spend it on your loans rather than an expensive luxury item. By putting this money towards your student loans, you can make significant progress in reducing your debt.

3. Consider Refinancing

Refinancing is a popular choice for those with student loan debt. This will allow you to consolidate multiple loans into one that has a lower interest rate. In turn, more of your payment will go toward the principal balance, and you’ll pay less interest over time. Generally, borrowers with a good credit rating, stable employment, and high interest rates benefit the most from this choice.

4. Talk to a Financial Advisor

Student loan debt often makes it challenging to achieve long-term financial planning goals, such as buying a home and saving for retirement. Talking to a financial advisor about your circumstances can provide you with an action plan for paying down your debt.

For example, they’ll explain different repayment plans that may be available to you and help you understand the advantages and disadvantages of early repayment. They will also assist you in finding loan forgiveness or repayment assistance programs that you are eligible to receive.

If you’re looking for ways to get rid of your student loans faster, it may help to work with a trusted financial planner from Family Financial Partners. Headquartered in Lexington, KY, their team of financial advisors and investment planners has helped numerous clients with student loan debt management since 2005. Call (859) 219-1006 for an initial consultation, or go online to learn how they can help you today. You can also visit feeforplan.com for more information about financial plans tailored to your unique stage of life.