Student Loan Hacks

Posted by Tom Jackson on December 14th, 2017

I read that a smart student loan hack is to refinance student loans as soon as you qualify. This is because you can lower your student loan interest rate when you refinance with private student loan companies. Student loan refinancing is one of the smartest ways to pay off student loans faster because you cut your interest rate and monthly payment.

Here is a helpful student loan hack I used when I chose to refinance student loans. You can actually check your new student loan interest rate on the websites of as many private student loan companies as possible without impacting your credit score. The student loan hack is if you check your new student loan interest rates at the same time, your credit score will not be affected multiple times because it is only a soft credit check. That means you can choose the best private student loan company where you can get approved.

If you want to receive Parent PLUS forgiveness, there is a student loan hack that you should do. In order to qualify your Parent PLUS forgiveness, you should select the income contingent repayment plan for your Parent PLUS Loans. Once you make 25 years of Parent PLUS payments, you can qualify for Parent PLUS forgiveness and will have your Parent PLUS Loans forgiven.

One of my favorite student loan hacks to pay off student loans faster is to make a lump sum student loan payment. This means that you take a fixed dollar amount and make an extra student loan payment. Make sure to apply the lump sum payment toward your principal balance, rather than waiting until the next payment. Otherwise, interest will accrue.

If you want to know about another student loan hack, you can change your student loan servicer when you consolidate student loans. A lot of people are not happy with their student loan servicer. One student loan hack is student loan consolidation into a Direct Consolidation Loan, which changes your student loan servicer. Another student loan hack to change your student loan servicer is student loan refinancing.