Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question What is the best way to pay off student loans more quickly? I have about $60,000 in student loans. I am now only paying interest right now because I had to defer them in the past. I have heard that if you pay ahead it just counts towards future payments, but I would really like to pay them off early and try to pay less interest. By flygirl Posted on 08/30/07 Total Answers 4 Answers- If you pay an extra amount with your monthly payment, it should go toward principal. If you just pay a couple days early, it would basically count as your next payment but might save a very small amount in interest. Answer by : Judy On Date 2007-08-30 19:31:39 Make double payments... Answer by : Gerald On Date 2007-08-30 19:31:40 When you send in extra money, make a separate check indicating it's to be applied to principal. Answer by : bdancer222 On Date 2007-08-30 19:44:25 Any time you can lower your debt, your interest will be less. You know, I don't know how they work - I leave my daughter to decide how she's going to do it, and she and her "significant other" have a system. I don't think they can be set up like a loan for a car, Simple Interest, so if you don't have any papers on the loans, get in touch with the source, and let them give you advice. Or, go to one of your Professors, preferably in the monetary side of education, and see if he or she can put you on the right track. It stands to reason, any time you lower the balance, the interest will go down remarkably, but your credit is still good so long as you pay the interest payments themselves regularly. Good luck! Answer by : Mum On Date 2007-08-30 19:44:26   Go Back To Search Results