Will switching from monthly to biweekly payments help me pay down my student loan debt faster?

by James J. Newhard | Jun 08, 2015
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Yes, it will. Interest is calculated on outstanding principal from payment to payment. More frequently remitted payments amortizes reductions to principal each biweekly payment, and the interest would be calculated on a lower, though slightly, principal balance. This is an excellent strategy for saving both interest costs and total cash in repaying debt.

 

James J. Newhard, CPA is the owner of James J. Neward, CPA in Paoli. 
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