Can I Pay Off My Student Loans Early?

Are you wondering if you can pay off your student loans early? Depending on the type of loan, it may be possible to do so. Federal student loans provide some options for paying them off ahead of schedule, while private lenders generally limit repayment flexibility.

For federal student loans, borrowers can make additional payments or set up automatic payments from a bank account and request that their extra payments go toward the loan principal balance. This is known as prepayment and will reduce total interest costs over the life of the loan. Private lenders typically don't offer such options; however, borrowers can still make larger payments than required each month until the loan is fully paid off.

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