Best way to pay student loan

Best way to pay student loan are as follows - Step 1 - Decide How Much is Owned and Who You Own

The first thing to do when you want to pay those college loans off is to decide how much you owe and who you owe that money to. You probably don't even know who all you owe and the total that you owe. Find out what types of loans you have. Are there Perkins Loans, Stafford loans, or private loans? Then figure out the total you owe as well. This way you have a place to begin and you know what you're working with.

Step 2 - Consider Ways to Wipe Out Those Loans

You cannot get away without paying off college loans. However, there are ways that you can serve to get those loans forgiven. Here are a few ways you may be able to wipe out the loans:

Peace Corps - If you decide to join the Peace Corps, you can defer the loans while you are in the Corps and once you are done, you can get the loans reduced more than 50% in many cases.
Service in the Military - If you join the military, you may be able to get $10,000 to put towards the student loans that you have taken out.


Step 3 - Know What Repayment Options are Available

There are different types of repayment options available when you have loans for college. First of all, you get to have six months, called a grace period, after you get out of college full time. There are standard payment options that include pretty steep payments, a graduated payment option that starts small and increases, a payment option based on income, and a payment option allowing you to pay a smaller amount over a longer period of time.