Nitro Knowledge. Your Guide to Paying for College.
Working hard is good – but sometimes working smart is better. This saying applies to many situations, including eliminating your student loans. If you want to pay off your loans faster, you need to be strategic. It’s difficult to put a dent in your debt by just making minimum payments on high-interest loans. We’ve put together 10 tips to help you lower your interest rate, find extra cash, and make progress on reducing your balances quicker.
Chances are, if you are a new college graduate, you have some federal and/or private student loans that need to be repaid.
Because managing debt can be a burden and keep you from achieving life goals like moving out on your own or getting married, paying off student loans early might seem like a good idea. But debt and finances are intertwined, so there are several things to consider before you start applying any extra cash toward retiring student loans early.
An article featured in USA Today shows why letting daily expenses get in the way of retirement savings is a big (and common) problem. The issue: the later you start saving, the harder it will be to comfortably retire —or to retire at all.
The piece, which cites research conducted by Nitro, shows that over 40% of Gen Xers and Baby Boomers have not started saving retirement.
If you've been diligently paying your student loans all year, you’ll want to take advantage of the student loan interest tax deduction.
This allows you to deduct the interest you’ve paid on your student loans up to $2,500. By claiming this deduction, you’re lowering the amount of income the government can tax.
Struggling to make ends meet while paying off your federal student loans? You're not alone. But the good news is that help is available.
The government offers four income-based repayment plans — which adjust your monthly student loan payments based on how much money you make. Among the options is Income-Based Repayment, or IBR, which lowers student loan bills when you’re struggling to pay them. If you're interested in this option, here's what you should know.
Going back to school can be a fantastic career booster. In some roles, having a masters degree increases your earning potential by tens of thousands. And certain careers—like being a lawyer or a doctor—simply aren't possible without additional higher education.
But managing a student debt load while you're in a graduate program can feel a little like running a marathon with a boulder strapped to your ankle. The good news is that deferring your loans is an option for most students, but it won't be the best choice for everyone.