Tru Direction offers scholarships to assist college students in offsetting their educational costs. However, we all know that college can be quite expensive, often necessitating student loans to cover tuition. While these loans can be a valuable resource, they can also become daunting once students graduate. Recently, The Wall Street Journal examined effective strategies for quickly repaying student debt.

1. Review Your Loan Balances: Check your Federal Student Aid account to understand how much you owe, loan types, servicers, interest rates, and due dates. Ensure your servicers have your updated contact information.
2. Compare Repayment Plans: Explore various federal repayment options, including standard and income-driven plans, to find one that fits your budget. Use the Federal Student Aid Loan Simulator to assess your choices.
3. Sign Up for Autopay: Enroll in automatic payments to simplify loan management and potentially receive a 0.25% interest rate discount.
4. Explore Forgiveness Programs: Investigate specialized loan forgiveness options, such as Public Service Loan Forgiveness, which can eliminate debt after several years of qualifying work.
5. Make Extra Payments: Consider making additional payments to reduce principal and save on interest. Specify that extra payments go toward the principal.
6. Consolidate or Refinance: Consolidation simplifies payments but does not lower interest rates. Refinancing can reduce rates but may forfeit federal protections.
7. Utilize the Fresh Start Program: If your loans are in default, enroll in this program to restore your loans to good standing and regain access to federal aid.

Borrowers typically take over two decades to repay loans. To pay off debt faster, consider focusing on a single loan using the debt snowball or avalanche methods, depending on your preference for motivation or savings. By taking proactive steps, borrowers can navigate their student loan repayment effectively.

You can read the full article here https://www.wsj.com/buyside/personal-finance/student-loans/how-to-pay-off-student-loans