Student loans can feel overwhelming, often getting in the way of other financial goals, such as purchasing a home or saving for retirement. Here are 5 tips for pay off your loans faster, all while reducing interest and saving money.

• Tip 1: Pay right away. Interest starts building as soon as the loan is issued and continues to build when you delay payment or lower monthly payment amount.
• Tip 2: Sign up for automatic debit.
  • Automatic debit is where the chosen monthly payment amount is deducted from your account automatically. This will ensure that all payments are on time resulting in a potential interest rate reduction of .25%.
• Tip 3: Pay more than your minimum payment. People’s finances can change month-to-month but if you pay a little more than your minimum each month you will reduce the total cost of your loan overtime by reducing interest.
• Tip 4: Use your tax refund, if applicable. If you ordinarily receive an income tax refund, using that towards your loan is a great way to make progress on your outstanding balance. However, if you are receiving large refunds annually, you may need to review your withholdings to ensure they adequately reflect your status and needs.
• Tip 5: Research loan forgiveness and repayment options. There are many different circumstances in which you can receive forgiveness for your student loans. Some of those forgiveness programs are for teachers, public servants, members of the Armed Forces, and many more. There are specific eligibility requirements, but it is worth looking into, even for the tiniest bit of help.

See a more detailed list of tips from Federal Student Aid office, here.

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