 TITLE: How to Pay Off Student Loans Faster CONTENT: Pay More Than the Minimum Each Month\n------------------------------------\nIf you can manage, it's a good idea to make more than the minimum payment each month. Any extra funds you pay throughout the month or include with your monthly payment will help you save on interest and pay off your loans faster.\nTo illustrate, assume you have a 10-year, $15,000 student loan with a fixed interest rate of 6%. Your monthly payment will be $166.53, and you will pay $4,983.69 in interest over the life of the loan. If you decide to pay an extra $75 per month, you will pay off the loan in a little over six years and save $1,977.64 in interest.\nBe sure to tell your loan servicer that you want the extra amount added to the current month's payment. This will ensure the additional funds reduce the principal of the loan. Otherwise, the lender will apply the funds to the following month's payment. END