5 Tips for Paying off Those Student Loans

Posted on February 26, 2019 ยท Posted in Finance, Trading Loan And Mortage

While graduating from college and starting to make your way in the real world is exciting, the amount of student loan debt that most graduates owe today can make it a little overwhelming as well. There are, of course, ways that you can prepare to start paying off your student loans while you’re still in school, but very few students take, or can even afford to follow that path.

If you are one of the many graduates stressing over how to make those student loan payments and still succeed financially, then this post full of tips is for you.

Apply for an Installment Loan

It is super easy to get behind on those student loans if you aren’t careful. If you have fallen a little behind, you might want to apply for an installment loan to catch up the arrears. Paying back the installment loan is much better that being behind on the loan for your school, as the interest fees and late payments will steadily keep adding up, until you catch it up completely.

Pick Up a Side Gig

While adding more work on top of the steady job you already have might not sound appealing, the chunk of money you can put towards your student loan payments every month should. There are many profitable side gigs you can start today from becoming a freelance writer to selling products on eBay. Make sure that you take every bit of the money from your side job and put it towards your student loan debt. You’ll be surprised how quickly you’re able to whittle it down if you stay focused on achieving that goal.

Consider Your Housing Situation

For most recent graduates, the biggest expense is rent or a mortgage. If it’s feasible, moving back in with your parents could be an option, so that you can put any money you save from not living on your own toward your substantial debt. If living with your parents isn’t an option, consider getting a roommate, so you can cut your expenses in half and put that part of the money towards your bill instead.

Choose a Job that Offers Loan Forgiveness

There are career fields and companies that offer loan forgiveness, such as healthcare, education, and non-profit jobs. There are federal and state-based loan forgiveness programs that you can check into. The best way to learn which ones are right for you is to check into the state that you’re living in and do your research to determine which is the right option for you. Several companies are also offering student loan assistance as an added fringe benefit.

Cut Out Some Extras

One of the best ways to trim down your student loans is to cut out a few of the extras in your budget. Some examples include eating out less, trimming the cable bill, and spending time with people who are like-minded and won’t tempt you to spend money you don’t have.

These are just a few tips to help you manage your student loan bills and pay them off as quickly as possible. It may be hard, but it’s not impossible and the effort will be well worth it.