Apply any monthly savings to the principal of your remaining
student loans. In addition to trading in a high interest loan
for a low interest cash advance, making extra payments utilizing a cash
advance, I place the extra $153 towards the principal balance of my loan
to realize even more interest savings. By recalculating my monthly
payment as explained above I now have a $153 buffer for any expenses
that may come up. At the moment, I use this $153 buffer to further pay
down my loan. This is an extra $1,836 for one year and over the life of
the loan it is an additional $18,360! This can shave some serious time
off your loan. While there are so many factors that affect your loan
repayment, I find mortgage payment calculators very helpful here. A
mortgage payment calculator allows you to calculate how making an
additional payment each month will shorten the length of your loan.