I studied the student loan game and built a custom plan to pay off $50,000 in 19 months , at 27 years old, while on a low income.

Ultimately, to pay off my student loans faster I made regular extra payments to my loans. The more money I put towards my loans each month, the less interest I owed — and the quicker I paid off my debt.

Here are the exact strategies I used to finesse Sallie Mae and Navient out my life!

1. Make extra payments STRATEGICALLY

   Your monthly payments aren’t doing a damn thing to get you out of debt if you do not how that money is being allocated. You are literally paying to stay in debt.

   You can make additional payments whenever you like or you can make one big payment by the due date. Either way you are finessing the game by making extra payments and saving money.

   Here’s an example:

   Your balance: $10,000 with a 4.5% interest rate. If you made a regular monthly payment of $100 in addition to the minimum required, you could be debt-free in less than 5 years. (Meanwhile, your provider had you on a 10 year repayment plan.)

   Here’s the finesse: If you just make the extra payment, your provider will put that money towards the interest for that month and the interest for the month after — keeping you in debt longer, and making you pay them more money. So, you have to make sure that $100 extra payment goes specifically to your principal balance.

   Instead make your extra payments manually - online, phone, or mail without advancing your due date.

   See how fast you can pay off your student loans and how much you’d save in interest with my student loan payoff calculator.

2. Un-enroll in automatic payments

   Your provider probably told you that you would save money by enrolling in automatic payments. Truth is, there is potential to save but it is not guaranteed. You save around 0.25% by enrolling in automatic payment.

   But when aggressively paying off your loans, those regular extra payments you make allow you to save the same amount (if not more) in interest than you would on an automatic plan. This is important to being able to control how your extra payments are being allocated towards your debt.

   P.S. I only advise this if you have the discipline and can make the commitment to making regular payments manually. Its also best to calculate and see if you would save more than the 0.25% interest on automatic payments.

3. Pay off capitalized interest

   All loans, except for federal subsidized loans, accrue interest while you’re in school, in your grace period and during periods of deferment and forbearance. That interest capitalizes when repayment begins, which means your balance grows, and you’ll pay interest on a larger amount.

   Consider making monthly interest payments while it’s accruing to avoid having to pay more interest in the long run.

   P.S. With a debt payoff plan, the strategic monthly payments you make will inevitably pay off any capitalized interest.

4. Make a payment with each paycheck

   Pay more than the minimum, build up your discipline, and hold yourself accountable by breaking that regular extra monthly payment into two or four regular payments every month. With all these manual extra payments you will bring your balance down, save money on interest and pay off your debt faster.

   My 9-5 paid me twice a month. I set an amount for extra monthly payment I planned to make towards my debt and split that set amount in half to make payments every two weeks. If you have a job that pays you weekly, set a monthly amount to put towards your debt, and split that amount into four. Make one fourth of the monthly payment every week.

   Here’s an example:

   Set monthly payment = $100

   Paycheck = Bi-weekly

   Debt Payments = $50 from one paycheck, $50 from the next paycheck. Then, do the same thing every month

   Here’s the finesse: You now stay true to your monthly commitment of making an additional $100 to your debt every month, but have more money to keep for yourself every time you get paid and aren’t left as broke at the end of the month after paying bills and living your life.

5. Increase your income

   The more strategic payments you put towards your debt, the faster your balance will go down, the less interest you will owe, and the faster you will get rid of your debt.

   Whether you have a low paying job, are on furlough, in between jobs, or a freelancer, do not underestimate your ability to generate more income.

   Here are some ways you can generate more income to put towards your debt:

• Make some plans for your money

  • Learn how to budget with ease

• Cut spending costs

  • You don’t have to give up everything you love but you shouldn’t spend money on things you don’t need

• Seek out a raise from your job

  • Outline your accomplishments and ask for a raise or promotion

• Get a part-time job with flexible and minimum hours

• Start a side hustle

  • Sell a skill you’ve mastered

  • Teach an area of study you are knowledgeable in

• Get creative

  • Sell off unused clothes or household items on Facebook Marketplace or with a yard sale

  • Rent out a spare room on Airbnb

Take your debt & life seriously

I spent years downplaying and ignoring my debt. It wasn’t until I decided to take my debt and my life seriously that I was able to pay off $50,000 in 19 months. To pay off student loans fast you have to make paying it off a priority. Understand the ways student loan debt negatively impact your life and decide to do something about it.

I want you to experience the power and joy that comes with being debt-free. You do NOT have to live with student loan debt for decades!

When you don’t have to split your paychecks with Sallie Mae, you can do so much more of the things you want with your money!