7 Guidelines for Repaying Student Loans Nobody enjoys paying off student loans in their post-college lives, but due to rising tuition costs and fees, it is essentially a must.
You could owe a few thousand dollars or tens of thousands of dollars, depending on the institution you attended. Some people may find the debt burden to be so overwhelming that they believe there is no hope of getting out. Don’t worry! I understand your situation because I work in social services and don’t make a lot of money. I also have student loans.
I can give you seven strategies for paying off student debts, but I can’t wave my magic wand and make your debt vanish.
P.S. I wrote a piece in which I describe how I made extra money to pay off my student loans more quickly. See how I paid $3,000 more toward my student loans in a single year here.
1. BEGIN EARLY You may be responsible for paying interest that accumulates while you are in school or on deferral depending on the sorts of student loans you have. You should be on the lookout for unsubsidized loans because you are always responsible for any accumulated interest on these loans.
You won’t need to make payments as long as you are at least half-time enrolled in school, but you should still join paying off student loans early to save money over the long term. Even if all you can afford to pay each month is $10, at least that $10 will no longer be accruing interest!
Consider the fact that if you spend $10 toward a subsidized or unsubsidized student loan each month for four years of study, you would have $480 paid off by the time you graduate!
Additional Advice: Request that your lender utilize your early payment toward the outstanding balance of the loan. Ask them to put it to the loan with the highest interest rate or debt if you don’t have any that meet these requirements.
2. USE ONLINE SHOPPING TO GET PAID You may pay off your student loans quickly and easily by receiving cash back from your internet purchases. My personal favorite is Ebates because they have a lot of store alternatives and double cash back days!
Another option, Upromise, enables you to contribute your profits directly to an approved student loan or, if you have a child you’d like to open an account for, to a college savings account.
Swagbucks has now broadened their services to enable members to receive cash back for their local purchases and meals! Simply link one of your credit or debit cards to your account will do. At first glance, it might not seem like much, but every little bit counts when it comes to clearing your debt.
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