best ways to repay student loans

What are some of the best ways to repay student loans faster ? 

loans faster ?

Hi.

The process of education loan repayment planning starts even before taking the loan.

Student loan repayment involves three major considerations namely:

• Education loan repayment calculations:
  Comparison of the amount of each EMI vs. no of EMIs to be paid
• Education loan repayment modes:
  How, when and how much loan amount to repay
• Student loan management:
  Tips and hacks to maximize the loan scheme features

With that in mind, here are 5 tips to repay your education loan faster.

1. Plan your repayment strategy well in advance
   Come up with a strategy even before going abroad to pursue your higher education.
2. Establish a college repayment fund
   Set up automatic transfers to a separate savings account specifically for college debt. It can help you control out-of-budget spending, allowing you to potentially make extra payments.
3. Start early with a part-time job in college
   A part-time job is a great way to earn enough money for a student loan savings account while learning time-management skills.
4. Take advantage of tax deductions
   This can be helpful to use the savings you receive through this deduction to pay down your education debt faster.
5. Refinance if you have good credit and a steady job
   Refinance your existing education loan, ideally for a lower rate of interest. This is usually possible after you complete the course and have a job in hand. Your credit scores should be on track. A solid income and a debt-to-income ratio below 50% will make refinancing much easier.