What if you don’t have to take out a loan?
It’s a common thought, and the reality is there are many ways to save.
Here are six ways you can make sure you’re saving on your college loans.
Buy a house or apartment with student loan payments.
You can save money by buying a home with student loans and paying off your loan at a later date.
In some cases, you could even get a discount on your mortgage payment and still qualify for the federal government’s subsidized Stafford loan.
Pay off a home equity line of credit.
You’ll save money if you can refinance your student loans using a line of a credit.
This is similar to a traditional home equity loan but with student debt payments instead of mortgage payments.
Pay down student loans through an equity line.
Equity lines of credit are very popular.
This type of debt payment is usually used for a down payment on a home or an installment payment for a car.
If you have enough equity, you can pay down the entire amount of the student loans to the tune of 10 percent.
Paying down student debt with a downpayment on a car or home.
The car or homeowner’s equity line you use to refinance student loans can also be used to pay off your student loan debt at a lower rate.
Pay back your student debt through a loan forgiveness program.
These programs are usually available only to borrowers with good credit.
Apply for loan forgiveness on your behalf.
You may be able to apply for forgiveness from your bank or loan servicer if you’re not sure you qualify for forgiveness.
More: 7 easy ways to pay down student loan debts