Welcome!

News Feed Item

The Best Ways to Pay Off Student Loans, According to MyRatePlan.com

NEW YORK, NY -- (Marketwired) -- 07/18/14 -- MyRatePlan.com, a leading credit comparison site, announced some of the best ways to reduce consumer student loan debt. Following a set of proven tips to reduce student debt will increase positive credit history and allow consumers to save money towards paying down other debts or retirement. Student debt typically has some unique characteristics outside other forms of consumer debt such as credit cards. The loans typically have a grace period of at least 6 months and repayment is based on a fixed rate. MyRatePlan has developed a list of tips to improve credit and reduce student loan debt in an efficient way.

Consolidate and automate payments

Consolidating student loan debt can reduce the interest rate by a few points. There have been several recent rate reductions in student loans that can save a considerable amount of money over time. Creditworthy borrowers can also consolidate their private student loans if they were under a co-signer to a much lower interest rate. The biggest benefit of loan consolidation is the simplification of payments into one single payment. Borrowers will need to be aware of the repayment period and how much potential interest is paid in order to effectively pay off student loan debt with consolidation plans.

Enrolling in an automatic payment plan in addition to the consolidation plan can drastically reduce the confusion over payments and possibly save a considerable amount of money. The auto-enrollment programs will automatically draft each monthly payment from a bank account. This is great for individuals who have difficulty keeping track of payments or want a streamlined process for managing a monthly budget. Many loan programs offer a small discount on this enrollment in the form of interest rate reduction. This small reduction can add up over time to a large reduction in interest payments.

Pay interest while in school

There are two categories of student loans. The subsidized student loan has interest payments made on behalf of the student while in school by the federal government and the unsubsidized loan charges interest while in school. Paying on at least the interest payments while in school during the grace period of an unsubsidized loan will reduce the compounding of the final loan cost later. This can save thousands of dollars over the course of the loan. Simultaneously paying small amounts on the principal of a subsidized loan can also dramatically reduce the cost of the loan over the course of several years.

Enroll in forgiveness programs

There are several programs available that allow federal student loans to be forgiven after a specific period of time. The Public Student Loan Forgiveness Program allows forgiveness of debt in a public service position after 120 on-time payments toward the loan. Public service positions include teaching in high-risk populations and various state, federal, and local nonprofit entities. Additional types of employment include public health organizations and military service.

An additional benefit of enrolling in this program is the genuine experience gained from a challenging job and dedicated timely payments for a positive credit report.

Develop a budget early

Developing a budget is probably the most important tool to have when paying off student loans. Early budgeting can include determining the type of loan to get and developing a plan for future payments while in school. Most exit consultations for federal student loans offer a glimpse into how consumer payment plans will be structured. Students can gain access to this information by using online payment calculators to determine cost of living to student debt ratios.

For more information about student finances and student credit cards, access MyRatePlan: http://compare.myrateplan.com/credit-cards/compare/compare-student-credit-cards

About MyRatePlan:

MyRatePlan.com is a leading comparison site that allows users to compare credit cards, mobile phones, cell phone plans, and more. MyRatePlan was founded in 1999 to help users find the best recommendations for them based on innovative and proprietary tools and customer input.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...