Paying down your student loans the old-fashioned way is commendable but very slow and painful. Each month, millions of student loan borrowers send their lender one payment by check or direct deposit. The lender recommends a monthly payment, and the borrower makes that payment. Month after month the same payment is made again and again until about ten years later, the loan is paid off.
Here at GradFin we recommend reeling in your whale of student debt faster. There are three ways to do this, and we can facilitate this process for you:
1) Ask your employer to pitch in a monthly payment. If your employer pays a monthly payment in addition to your regularly scheduled payment, your payoff schedule will shrink dramatically. Think about it, if your employer pitches in only $100 per month on your student loan, and you stay with that employer for 5 years, that could help you prepay your loan by $6,000 ($100 x 12 months x 5 years). What does that mean to a person with a balance of $18,000? It knocks it back by 33 percent in 5 years. Your employer has cash and needs to keep you around. So ask him to sign up and we'll get the process started right away.
2) Ask your parents and/or grandparents to pay a small portion each month. We have several customers that have already asked their parents to pitch in a monthly payment. This process is allowing GradFin customers to tap their loved ones for help and get out of debt much faster. With the help of their parent's payment of $50 per month, one of our customers is expected to be out of debt 25 months faster than if their parent did not contribute. GradFin will facilitate a payment from your parent to your lender. No need for you to be the middleman and reduce the temptation to use the money on something else. That money should go straight to your lender. So ask your parent or grandparent for help and sign up with us right away.
3) Ask for a Moby Debt Gift Card for Christmas. Ask your parents, friends, or Secret Santa to visit www.MobyDebt.com and purchase a Moby Debt Gift Card for you. The receipts of the Moby Debt Gift Card will go straight to your lender to pay off your debt. The process is simple. Send your Secret Santa to www.MobyDebt.com and have them purchase a $25, $50, or $100 gift card. After they purchase the card, you can enter in the order confirmation number at www.MobyDebt.com. If you do not have an account with us, we can set one up. All we need is your lender account number, birth date, and name of your lender. We will then send the gift card receipt to your lender.
We look forward to helping you pay off your student loan debt in new ways so you can reel in that whale of student debt much faster.
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