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Here are some student loan hacks that can be of use when trying to pay off your student debt:

    1.  Set Up Automatic Payments: Most student loan lenders give interest rate reductions for automated repayment. Check with your loan servicer to determine your loan eligibility. Fed Loan Servicing currently gives a .25% reduction for auto debit on direct loans.
    1. Lender Specific Benefits: If you decide to refinance your student loans there are some great secondary benefits to take advantage of with your new loans. Program offerings include entrepreneurship programs, career services, and philanthropic opportunities. For more details see our content on the hidden benefits of refinancing.
    1. Prepayment: Take advantage of the fact that all education loans are prepayment penalty free. Whether private or federal loans, adding extra money to your monthly payment can help dramatically reduce your student loan balance. Remember to specify with you lender your intention to prepay, otherwise instead of the payment going to principal it will be viewed as an early installment on the next payment due.
    1. Pay While in School: Always remember that unsubsidized loans will accrue interest while in school. To keep your accrued interest to a minimum, direct payment towards these loans while in school to avoid inflation of these loan amounts. The same is also true when your loans are in deferment.
    1. Student Loan Interest Tax: Depending on your financial situation, you may be eligible to take advantage of the student loan interest tax. $2,500 is the maximum deduction available. For more detail seen our content on taxes.
    1. Repayment Forgiveness: Many careers offer repayment forgiveness programs on a state and federal level to help support high need communities. Talk with an education advisor to see what programs are available to you, and teachers check out our forgiveness guide!
    1. Work Benefits Package: Be sure to check with your employer to see if loan payment is a part of your benefits package. This is also something to keep in mind when searching and applying to companies for potential employment.
    1. Avoid Taking on Unnecessary Debt: Try to be frugal with how much loans you take out. Many students receive refunds checks when they take out loans, remember that these sums of money are not free and will have to be paid back. More is always less with student loans.
    1. Refinance Only High Interest Loans: Some loans are not worth refinancing, however that shouldn’t mean you shouldn’t consider refinancing. If you have several loans with high interest, consider refinancing them to lower your monthly payment and long-term repayment savings.
    1. Low Rates, Invest Over Prepay: If you have existing low interest rate loans, consider investing over prepaying. Forecast the amount you want to prepay on your loans and see the effect on your loan balance. If you feel as though you can make a higher return in an investment, that may be worth considering.
    1. Chat With an Advisor: We are not financial advisors, consult with you personal advisor to see what suggestions are right for you.
    1. Credible Friend Comparison: Check out Credible’s friend comparison tool to see in ten seconds or less if refinancing will work for you!