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New Mexico Student Loans
You can use our student loan calculator to estimate your repayments of private student loans. Private Student Loan Repayment CalculatorFederal Student Loans
Learn about what repayment plans you qualify for and estimate your federal student loan payments. Federal Loan Repayment EstimatorDisable Mouseover Effect:
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Paying extra even a few times a year on your principal will help pay down your balance quicker. Be sure to ask your loan servicer to apply the extra payments to the principal and not an earlier release date though.
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Paying every 2 weeks instead of monthly may allow you to budget better and also possibly pay a little more each payment.
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Knowing exactly what your monthly expenses currently are and exactly where you spend your money will help you identify places you can cut back on spending and where you can potentially add those additional funds to paying down your student loan faster.
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Work with your bank to set up a new account that is used just to pay your student loans, have money automatically moved into this account each month, that way, the money isn’t lumped with your other expenses.
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Teaching, Public Service, Nonprofit Organizations, Military and Government Organizations might be eligible for student loan forgiveness if you work for them.
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If possible, stick with the original Standard Loan Repayment option as this is the way your loan will be paid off faster, with the least amount of money. Repayment and consolidation programs can help lower your monthly loan payments but will most likely extend the payment term of your loan by several years and cost more interest in the long run.
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Many private loans including one from us offer a 0.25% interest rate reduction for signing up for automatic payments. Even this small amount adds up in the long run.
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You might be eligible for a student loan interest deduction and there are some tax credits you might be eligible for while you are currently paying tuition including grad school.
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If you are getting a raise or a bonus at your job, put that money towards your student loan or ask your employer if they could help you pay your student loan off by offering to take a lower salary and commit to staying on the job for a specific time period.
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If you have several student loans and want to get out of debt, focus on paying down the loan with the highest interest rate first. This includes loans with variable interest rates (which we don’t offer because we don’t think it’s a good idea because the rate might skyrocket). You avoid paying more interest if you pay off the highest interest rate loans first and then focusing on the fixed rate and federal loans.
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