43 million Americans carry student loans. Total balance? Over $1.75 trillion.

Is that a lot?

That’s bigger than the GDP of Sweden, Thailand, and the United Arab Emirates…combined.

Having student debt can feel like something you want to ignore. But it’s super important to learn about its features and how to pay it off without losing your money (or your mind (or both)).

1. Federal vs. Private Loans

Private loans are more like credit cards in disguise with fewer protections and higher risk. If you have federal loans, do not give up those benefits lightly.

2. The New SAVE Plan

The biggest update in years: the SAVE Plan.

This is a HOT release.

It caps payments at 10% of your discretionary income (dropping to 5% for undergrads starting in 2024).

Borrowers with smaller balances can even see forgiveness in as little as 10 years.

Translation: lower monthly bills, faster forgiveness. Very nice.

3. PSLF (Public Service Loan Forgiveness)

Work for the government or a nonprofit? Bless your soul. You could qualify for tax-free forgiveness after 120 payments (10 years).

Oh good! Only a decade of payments.

But here is the catch: paperwork trips people up (myself included).

Over 90% of applications have historically been denied because of errors or missed rules. That almost seems like they’re making it deliberately difficult…

If PSLF is your path, double AND triple-check the requirements.

4. Interest and Autopay Hacks

Student loan interest compounds, which means unpaid interest can pile onto your balance.

Autopay usually knocks 0.25% off your rate and keeps you from missing a payment.

That small discount can save you thousands over time.

Interest Compounds….that would make a TRASH name for a newsletter. It’s nowhere NEAR as cool as…

Plz share with friends (link at the bottom). Thx. Luv u.

5. Should You Refinance?

Refinancing can lower your interest rate, but only if you are giving up federal benefits you will not need.

It makes the most sense for borrowers with stable jobs, high incomes, and private loans.

If you’re unsure, it’s probably best to stick with federal protections.

6. Repayment Strategies

Once you are covering the minimums, any extra payments should usually follow the avalanche method: tackle the loan with the highest interest rate first. It saves the most money long term.

The snowball method (paying off the smallest balance first) can feel more motivating, but it costs more.

The Bigger Picture

Student loans are stressful. More than half of borrowers say their debt keeps them up at night.

But here is the reality: the right repayment strategy can cut years off your timeline and save tens of thousands in interest.

Do not let loans run your life. Build a plan, stick to it, and remember: the balance does not define you. Your progress does.

Share this with a friend who is still juggling student loans. They will thank you later, or right away depending on how kind and open-minded they are.

Not actually though!

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