4 Steps to Maximize your Student Loan Pay Off

LGBT graduates are no different than the rest of Americans – they are graduating with massive student debt. According to CNBC, 70% of graduates in the US are graduating with the significant task of paying off student loans.

Many students graduate with many different loans of varying sizes and interest rates. Understanding which order and the priority is one of the hardest parts of paying off student loans. The below step-by-step guide to tackling your student loans.

What order do you pay off student loans?

First
Make a List
Make a list of all of your student loans, the current balance owed, and interest percentage.
First
Second
Order Your List
Order your list largest to smallest based on the interest percentage (with the largest interest being first on the list).
Second
Third
Focus on Top of List
Continue making minimum payments on all of your accounts, and put everything that is left towards the top loan in your list.
Third
Fourth
Focus on the Next One
Once you pay off one loan, move down the line and focus on the next one.
Fourth

Do you have other debt you are trying to pay off? Check out our getting started guide to help you prioritize steps to build wealth. 

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