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How to Pay Student Loans

Contributor
By eHow Contributing Writer
(2 Ratings)

There are many options available to you when you begin to pay off your student loans, whether you are willing to save money while in school, or find a job with education benefits. Follow these steps to retire the debt.

Difficulty: Moderately Challenging
Instructions
  1. Step 1

    Start paying while in school. Setting aside enough money each month while still in school and paying the interest on your student loans will reduce the amount you owe by the time you graduate.

  2. Step 2

    Pay automatically. Your student loan lender offers an automatic payment service where payments can be automatically deducted from your bank account each month. This saves you the hassle of writing a check, and you won't ever be late on a payment.

  3. Step 3

    Get a federal job. Some government employers are authorized to offer student loan repayment as an incentive for retaining or acquiring skilled employees. After you have committed to 3 years of employment with a government agency, they can issue student loan repayment of up to $10,000 a year with a maximum of $60,000.

  4. Step 4

    Join the military. The armed forces offer the SLRP, or Student Loan Replacement Program, when you enlist. The Army and Navy will pay off qualified education loans up to $65,000, while the Air Force will pay off $10,000.

Tips & Warnings
  • Not only does the military offer student loan repayment for debts already incurred, they also offer programs that will pay for you to attend school.
  • All student loans have a 6-month grace period after you finish school, where you don't have to make payments.
  • Not all federal jobs will help with your student loans. Inquire with your current or prospective employer for more information.
  • The SLRP must be requested at the time of enlistment for you to be eligible for the program.
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