There are a lot of people who have student loan balances hanging over their heads. Are you one of these people? Here are some ways to quickly pay off your student loans if you are a homeowner in Knoxville.
Stick to the Plan
If you can afford the original repayment plan, do it! Most student loan repayment periods are 10 years. If you try to lower your payment or refinance, this could add another 20-25 years of repayment! 10 years doesn’t sound very quick in general, but it is way faster than 30 years! You may also want to consider making biweekly payments. You will end up paying an extra month every year which will shave off extra interest and time of repayment.
Take on a Second Job
Another way to quickly pay off your student loans is to take on a second job. Since your current job can cover all of the necessities now, your second job income can go straight to your student loan balance. You may lose some of your spare time, but just think of your financial freedom! Apply at least half or ideally all of that money to your student loan balance to speed up repayment. Make sure you communicate with your lender that you want the money applied to the principal so they don’t apply it to the next payment instead. This will also lower the overall interest paid of your loan since you are taking big chunks out of the balance. If you do not want to commit to a second job with a schedule, you could call local investors in the area like we buy houses Knoxville. The whole process is quick and easy. You can usually expect to receive cash for your house in a few weeks. Companies such as East TN home buyers will pay all the closing cost and there’s never any fess to the seller!
Sell Your Extra Stuff
Take advantage of online yard sale type apps and list your extra stuff for sale. Go through your closets and get rid of unneeded clothing or collectible items that may be worth some extra money. Maybe consider selling your car to get a more affordable one with better gas mileage or refinancing your current auto loan to have a lower payment each month. You could also hold garage sales as often as your community allows and ask friends and family for their unwanted belongings to add to your sale.
Sell Your House
If you are a homeowner in Knoxville, and you are behind on your student loan payments, you may feel pressure from debt collectors. If that’s the case, reaching out to we buy houses Knoxville or East Tennessee home buyers could be the easiest and quickest way to pay off your student loan debt! If your home is in good condition, selling to another home owner instead of an investor is definitely a possibility especially if you can find cash buyers near me. You may even be able to negotiate the buyer paying a majority of the fees to have more money to put towards your balance. Take into consideration downsizing now to pay off those student loans and have more money for the future. You can also take advantage of the low-interest rates when you are looking for a loan for your new home. East Tennessee cash home buyers can help you can put thousands of dollars towards your student loans, or hopefully, pay off the balance in full, and find a different house to live in and save extra money with the lower interest rates on mortgages. You will also save in some unexpected places, like the electric and water bill and the actual time it takes to clean your house. You might be able to find a smaller, more energy-efficient home closer to your work and save you time and gas money every day!