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If you’re currently managing the challenges of student loan repayment, you’re certainly not alone. Paying off student loans isn’t fun, but it can be easier – and more affordable – with a revised approach to your current repayment plan.

You may not realize, but paying more than your minimum monthly payment or making a lump sum payment can help save you significant money over the life of your loan. Not only does it help reduce the amount of interest that will accrue, but it will allow you to pay of your loan sooner.

Check out the examples below:

Example 1:  Add A Little Extra To Your Payments

Let’s say your current loan balance is $50,000 on a 20 year loan with an interest rate of 8.25%. Your current amortized payment amount is $426. Look what happens if you pay an extra $50 each per month:

Original Loan, paying $426/mo:

Time: 20 years

Interest: $52,261

Total Amount Repaid: $102,261

With increased payments, paying $476/mo:

Time: 15 years and 7 months

Interest: $38,977

Total Amount Repaid: $88,977

Total Savings:

Time saved: 4 years and 5 months

Interest saved: $13,284

By paying an extra $50 per month, you could pay off yor student loan 4 years and 5 months earlier and save $13,284.

Example 2: Make a Lump Sum Extra Payment

Let’s say your current loan balance is $50,000 on a 20 year loan with an interest rate of 8.25%. Your current amortized payment amount is $425. Look what happens if you make a one-time lump sum, extra payment of $1,000.

Original Loan, paying $426/mo:

Payoff date: October 2038

Loan total: $102,261

After Extra Payment:

Payoff date: October 2037

Loan total: $98,269

Total Savings:

Time saved: 12 months

Total saved: $3,993

By making a one-time, lump sum extra payment of $1000, you could pay off your loan 12 months earlier and save $3,993.

Additional information:

If you are interested in increasing your payments, setting up recurring payings or viewing your loan status, log in to UAS. As a reminder, your HUECU student loan is serviced by our loan servicer, UAS.

Questions about your situation? Contact our Educational Lending team. We’re always here to provide advice and guidance to assist with the successful repayment of your HUECU student loans.

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