This week in the Reddit world, people are leaving Life Pro Tips about the best way to pay student loans! And, as par for the course with the internet. There is a ton of unhelpful discourse and debate on this topic.
As I sifted through the multitude of counter-advice and comments, I couldn't help thinking, "Why are people so quick to shoot down helpful advice with unproductive counterarguments?"
Don't look at me cause I don't have the answer, but I do think I've rounded up the most helpful tips and takeaways from the post:
Watch below:
Recap:
Pay more than the minimum payment amount, if you can afford it.
Interest is the enemy, pay down loans with higher interest rates first.
Make your minimum payment, and store any extra money in a high yield savings account (HYSA) then use the lump sum and interest earned to make a lump sum payment on your loans.
You will be able to pay the loan off by making the minimum payment, but paying more than the minimum will help you pay off the loan faster and save you money.
Happy Friday and here's to your journey!
-Yael
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