Be free of student loan debt faster with biweekly payments
Making a simple change in how you manage your student loan repayment can pay off your loans a lot sooner. Biweekly student loan payments is a strategy to accelerate payoff that uses simple math and automated payments. It can lead you to financial freedom and save you money; money that you can save for the future, such as a down payment on a new home or perhaps re-allocate to paying off other debts faster.
AutoPayPlus Can Help You Pay Off Your Student Loan Debt Sooner
On a $29,400 loan with a 10-year term and a 3.86% interest rate:
PAYMENT TYPE AMOUNT YEARS TO PAY OFF
Monthly $295.71 10 years 1 month
Biweekly $146.86 9 years 3 month
Using AutoPayPlus, you can pay off your loan 10 MONTHS early and redistribute the dollars you would have been paying to your loan totaling $3,105, to pay off a credit card, add to your 401k, or apply to a vacation fund.
Student Loan Debt is Increasing in the U.S.
The average student loan debt for the class of 2012 was $29,400 according to a report by the Institute from College Access & Success Project on Student Debt. If you are one of the 37 million student loan borrowers in America today, take control now by making a decision to pay more than the minimum payment.