First Bank of the Lake: 5 Tips on How to Pay Off Your Student Loans

Way too many adults are in serious debt due to excessive student loans. A heavy debt such as this can really weigh you down and make it difficult to keep other bills you may have, paid off as well. However, the best bank at the Lake of the Ozarks is here to give you a few tips on how to pay off your student loans. If you are interested in an easy way to keep track of and manage all your bills such as your student loan payments, consider the First Bank of the Lake Mobile Banking App. Learn more and visit our website at www.FirstBankLake.com or give us a call today at 573-348-2265.

5 Tips on How to Pay Off Your Student Loans

Try to pay more than the required monthly payments.
You'd be surprised how much money you can put toward your student loans that you aren't already putting toward them. If you start paying more than the required monthly payment, then you can pay your loan off faster and hopefully pay LESS interest. Make this your goal.

Determine your PAY OFF DATE and develop your plan.
Have an end game here, determine what date exactly you will pay your loan off and develop a plan as to how much money you will be putting toward your loans each month to get there, stay organized.

Organize the rest of your bills to where they won't get in the way of paying your student loans off each month.
Online bill pay can be an EXCELLENT tool for this very thing. You can organize your bills to where they are paid at different times of the month which may make it easier for you then paying every monthly bill you have all at the same time.

Consider ALL living options.
Many college students who have just graduated tend to move back in with their parents for a little while. There is no shame in this if you have the option to do so. This option could mean you are rent free for a while and can give you an opportunity to apply that money toward your student loans. You could end up paying them off much quicker this way as opposed to jumping straight into a monthly rent agreement or mortgage payment.

Cut back on "unneeded expenses".
Do you absolutely have to go out for coffee each day, shop for new outfits each week, or have dinner out every other night? Most likely the answer is no, so be smart about your money and cut back on things of this nature so you can pay your loans off quicker.

Make Paying Off Your Student Loans Easier and Get Online Bill Pay at First Bank of the Lake

Here at First Bank of the Lake, we want our customers to feel at ease when they manage their bills because they know they have an organized way of doing so. This is why we recommend you look into Online Bill Pay. If you have any questions about how to get this started here, please do not hesitate to give our friendly staff a call at (573) 348-2265.

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