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Feb 10, 2017 09:47 AM EST

The burden of college loans is one of the factors that stop millennials from starting with their investments.Dealing with student loans is really tough and burdensome. These loans weigh down fresh graduates and prevent them from being able to seize financial opportunities until such time that they are able to clear their debt.

Americans now owe an amount of roughly $1.3 million and still growing, according to The Simple Dollar. But if you want to get out from under that debt quickly, learn from Jessica Elberfeld who was able to pay a total of $113,000 in seven years.

According to Business Insider, Elberfeld originally borrowed $68,000 for two years at Belmont University after studying at a community college for two years for free. The interest rates which were as high as 10.75% and was the reason why the amount she owed soared to six figures. But as to how she managed to pay them in less than 10 years, here are her 3 helpful tips.

Do not be discouraged

Elberfeld said that even if something takes too long to be accomplished, it is not a reason for you be discouraged. If you only look at the amount, it feels too overwhelming but it is more overwhelming if you pay them in longer terms rather than free yourself of debt sooner.

Be mindful of your interest rates

She advices borrowers to take a close look at their interest rates and said that if the interest rates are not reasonable, you should find a way to refinance.

Free up some cash

She said it is better if you find a way to earn more income and take note of your monthly expenses. You should also take one loan at a time. By the time you finish paying for one loan, take a look at the next, or they will really overwhelm you.

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