Many students in New York City have just graduated from college with undergraduate, Master’s, or even doctoral degrees, but most, if not all graduates still face crushing loads of student debt that will take years to pay off in full.
Even worse, not all graduates have found jobs that can help to pay off these loans.
Here are a few ways to make the burden of paying student loans a little easier:
Pay More than the Minimum Payment
When paying off your monthly student loan bill, you’re usually given a minimum amount to pay off each month. With this minimum amount in mind, you can forecast how long it’ll take, at most, to pay off your student loan based on paying off the minimum amount each month.
However, paying more than the minimum amount due each month means you’ll save money in the long run. This is because the less time it takes to pay off your loan, the less interest you will be charged on that loan.
You can either pay an extra amount of money beyond the minimum amount due each month, or choose to make an extra payment every few months. Both of these will cut down the amount of time it takes to fully pay off your loan.
Refinancing Student Loans
Student graduates will usually have the option of student loan refinancing at their disposal. Student loan refinancing, as advised by loan counselors, involves paying off your student loans while taking on a separate student loan with a lower interest rate.
Why is this often the best strategy for paying off your loans? Though you’ll still have a student loan to pay off, the lower interest rate means it’ll take less time to pay off fully. This saves students and graduates more money in less time.
Loan Forgiveness in the State of New York
If you’re a recent college graduate in the State of New York, there are options available to you that can make paying off your student loans much easier.
For example, the Higher Education Services Corporation has a number of programs that allow student graduates to qualify for complete and partial student loan forgiveness. These are typically based on occupation and salary, but other criteria can make students eligible for these programs.
Using Provident Loan Society to Pay Off Student Loans
Provident Loan Society can provide access to instant cash loans for anyone beleaguered by their student debt. The non-profit lending company offers low-interest, instant-cash loans at all five of their New York City locations that can have students and graduates in and out of their doors in minutes.
All a customer has to do is come in with their collateral to be appraised, or have it appraised online. A clerk will give you an estimate on how much your collateral is worth, and you’ll be out the door in no time with your instant cash loan.
About the Author
Sean Vichinsky is a writer specializing in technology and financial topics. His writing has appeared in USA Today.