- Make bi-weekly payments to your lender, submitting half the monthly payment every two weeks. Such a strategy will pay off your loan early because it’ll result in an extra payment per year, and reduce the interest you pay in the long run.
- Round up your payments, “an effortless way to pay extra without even missing the funds.”, And, Smith writes, “you don’t need a lot of extra funds”, to have an impact.
- Put any extra money you earn (or find) toward paying down your loan amount.
- Make one extra payment per year, using the money from a tax refund or work bonus.
- Refinance your loan, which Smith calls “one of the easiest ways to lower your payment, save interest and pay off your loan in half the time”, at current interest levels.
- Go paperless, which could bring additional discounts, when you sign up for automatic withdrawal on your auto payments and for paperless statements.
Found this while digging around on a financial search. Definitely some tips to consider when paying loans.