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The Short Answer

8 Ways to Pay Off Your Student Loans Faster

Making extra payments, living at home, and working extra hours are among the ways recent grads can get out of debt sooner.

Question: I'm a recent college graduate who would like to start saving for retirement, but right now my college-loan payments take up a big chunk of my paycheck. Any ideas about how I can pay them off faster?

Answer: Trying to pay off loans from the past in order to begin saving for the future is an all-too-common predicament among young adults these days. About seven in 10 graduating seniors leave school with loan debt, with the average amount owed around $30,000. Meanwhile, nearly 70% of people age 18-29 say they have yet to start saving for retirement. Clearly, many young adults have put retirement savings on the backburner while focusing on making their monthly student-loan payments.

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