Tips from #PaidInFull student loan borrowers to help you successfully pay off your loans

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Source: Shutterstock

Paying back student loans may feel overwhelming but creating a balanced financial plan can help you easily tackle your loans and become paid in full sooner than you think.

If you’re just starting this process, you should know that the vast majority of student loan borrowers successfully repay their loans, and you can too.

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Source: Navient

Many borrowers are turning to side hustles to help them become paid in full. Taking on a second job is what Amanda R. from Fairfield, Ohio, did to become student loan debt free.

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Source: Navient

Side hustles are not the only extra income you can put towards your student loans. Lawrence J. from Wake Forest, North Carolina says committing to paying more than the minimum each month helped him pay his loans in full.

How to pay towards the principal of a student loan is a common question we get from borrowers. It’s first important to understand how payments are applied. In general, payments are first applied to fees (if any), accrued unpaid interest and then the principal. Assuming you don’t have any fees, any amount paid over the accrued unpaid interest reduces the principal.

Pro tip: If you’re a Navient customer you should know that any extra payments are automatically allocated to your loan with the highest interest rate, but if you prefer to target a different loan — such as the one with the smallest balance — you can change your online profile to set up different instructions. You can also decide if you want to “pay ahead.” This means, your overpayment will cover next month’s payment. To make an extra payment to a specific loan select “Make a Payment” and then “Specify for Each Loan” in your Navient.com account. You can also email or call us for assistance with allocating overpayments.

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Source: Navient

If you have multiple student loans, you should know that you’re not alone. It’s common to have a combination of loans to help pay for school. Shanin C. from Atlanta, Georgia., says budgeting helped her tackle her payments on multiple loans.

You don’t have to tackle your student loans alone. Borrowers who stay connected to their loan servicer and stick with repayment are more likely to be successful. If you need help, contact your loan servicer. Our Navient team works closely with borrowers to help them understand their repayment options including income-driven and loan forgiveness.

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Source: Navient

Take it from borrower Alicia Z. from Jacksonville, Florida, who communicated with us when she needed help with repayment.

Ready to create your financial plan to tackle your student loans? Check out our “Money and Finances” section of Navient.com to snag more money management tips and interactive financial worksheets.

Brianna Huff is the communications specialist for Navient and a graduate from University of North Carolina Charlotte. She participates in no spend weekends and uses autopay to manage her student loans

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Navient helps its clients and millions of Americans achieve financial success through services and support.

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