Strategies For Paying Off Student Loans For Ole Miss Graduates

You’ve likely got student loans to pay after graduating from Ole Miss University, and we at Mississippi Title Loans, Inc. have helpful strategies for you to use! Settling your student loans fast can set you up for success, but only if you do it right. This guide will show you five strategies to speed up student loan payments while staying motivated and preparing for possible financial emergencies. Let’s get started!

Why Should Ole Miss Graduates Pay Off Student Loans Quickly?

As a recent Ole Miss graduate or someone who’s been in the workforce for some time, you likely have several financial priorities to address. Still, prioritizing your student loans can help you enjoy these benefits:

• Increased flexibility: You’ll free up more cash every month to use for other reasons, such as necessities, having fun, or saving and investing.
• Wealth building: You'll not only have more money to invest regularly, but you’ll also have more time to let those investments grow!
• Peace of mind: The world is stressful enough as it is. Paying off your student loans will take a load off your mind, allowing you to focus more on other priorities in your life.

Not only does wiping out your student loans quickly improve your financial health, but it can also improve your mental well-being. In the next section, you’ll discover strategies for paying off your student loans after leaving Ole Miss.

What Are Effective Strategies For Paying Off Student Loans?

The most efficient way to pay off your student loans is to use a combination of different strategies. Here are five strategies you and other Ole Miss graduates can use to settle your student loans quickly:

1. Track Your Progress

It’s normal for people to get bored and distracted when pursuing a long-term goal. So, you must set up a system to track your progress when paying your student loans. For example, write down the total amount owed on paper.

Then, stick it somewhere you’ll see every day, like on your bathroom mirror. That number will reduce with each payment you make, and seeing that progress will keep you motivated to go on!

2. Automate Payments

Next, automate your student loan payments so they’ll still happen even if you forget. That will prevent penalties or late fees from being added to your total if you miss a payment. Many banking and finance apps offer automation as a feature, so use it if you have it.

3. Make Extra Payments

Making the minimum payments won’t be enough to speed things up. So, making extra payments whenever possible is the key to wiping out your student loans faster. If you have any disposable income, be sure to use that to make additional student loan payments. 

You can also use financial windfalls, like a tax refund, to speed things up by making extra payments. Remember, every dollar brings you closer to settling your student loans!

4. Practice Frugal Living

All meaningful financial goals require some sacrifice. In this case, you’ll want to free up as much of your income as possible to make extra student loan payments. The best way to do that is to live frugally for a while.

Cutting back on luxuries and learning to stretch each dollar will help you channel more money towards paying off your student loans. Just remember that these sacrifices are only temporary. Once your student loans are gone, you’ll have more financial flexibility!

5. Plan For Emergencies

A financial emergency can disrupt your plans to repay your student loans, so you must have a plan in place to cope with them. The best thing to do is to set money aside in an emergency fund to help cover the costs. But if those funds aren’t enough, it could help to borrow emergency funds instead of draining your savings.

Doing so will help you overcome your financial hurdle while making regular and additional student loan payments. You can consider title loans, payday loans, and signature installment loans as options. These loans only require a few items to start and have fast processing times to minimize your wait.

Here’s a quick look at each of those options:

• Title loans: This option uses your lien-free car title as collateral. You can keep your car, but you’ll first have to have it inspected to determine its value and how much you can qualify for, amounts vary between $300 and $2,500.
• Payday loans: This is an unsecured option that doesn’t need collateral. With your driver’s license, latest pay stub, and a blank check from an active checking account, you could qualify for $100 to $400 in quick cash.
• Signature installment loans: Lastly, you could qualify for up to $1,250 with this option. It doesn’t require any collateral, and like the other loans described above, the process can take as little as 30 minutes.

Consider these options carefully to choose the right one for your emergency needs. Then, you can continue your student loan payments as planned!

Access Emergency Funds Now!

Studying at Ole Miss University prepared you for the real world. Now that you’ve graduated, paying off your student loans fast will help you close that chapter and move on! Remember that Mississippi Title Loans, Inc. can help during a financial emergency. Submit the online form at any time, and our representatives will call you back soon!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.