Advantages of Paying Extra on Your Student Loans
If you’re looking at strategies for student loan debt management, one of the best ways to pay down your student loans faster is by making extra payments when you can. The more you pay each month, the sooner you can retire your debt.
Whether you decide to pay more than the minimum, use windfalls for extra payments, or schedule additional payments, you’ll want to make sure you’re specifically applying your extra payments to the principal amount of your student loan. These extra payments to your student loan principal could reduce the amount of interest you ultimately pay and save you money over the life of your loans. You can use a Laurel Road Student Loan Cashback® Card to pay more each month toward your student loans’ principal amount and make additional progress on paying down your loan balance.
Benefits of the Laurel Road Cashback Card
The Laurel Road Student Loan Cashback Card could help you do this by allowing you to redeem 2% cashback towards your student loans with 95% of U.S. servicers,1 or you can redeem 1% cashback towards anything else. Plus, as a new member, you can earn $300 in cashback rewards towards any eligible student loan after you spend $3,000 in the first 90 days.2
In addition to potentially getting out of debt faster and saving you money, the advantages of using your cashback card to make extra payments on your student loans also include helping you get closer to achieving other financial goals and milestones. For example, reducing your debt-to-income ratio (DTI) could increase your chances of qualifying for a mortgage, student loan refinancing, or personal loan.
Use our Student Loan Cashback Calculator to estimate how much you could you save on your student loans with extra payments from your cashback card. To apply for a Laurel Road Student Loan Cashback credit card online, start your application here.
