Verify Extra Payments Are Applied To Your Principal

The Chief Family Officer blog outlined her strategy for paying off student loans faster.

One of the things she does is send in more money than what is due when she has extra cash, a great tactic. But she has to be on her lender’s ass to make sure they’re using it to pay down her interest and principal. Instead, they prefer to “advance the due date” and simply apply the money to the next payment. This is no good, so she says to get on the phone with them to make sure they’re applying the money the way you want.

How I’m paying off my student loans [Chief Family Officer]
(Photo: Getty)