Yes, the years spent in the ivy-covered halls of the academic endeavor will mean a lot for the rest of your life. But, if you are like most students, each one of those green leaves of ivy could represent a green dollar bill - a green dollar bill of debt. And that too could mean a lot for the rest of your life. You need to pay off your student loan debt quickly.
Whether you are in school and watching the debt digits mount, or if you are approaching a new life off campus, you must not forget about settling your student debt. If you are looking for employment, new positions do not really offer the salaries needed to make a real reduction in student loan debt. However, student or job seeker, there are a few ways to put student loan debt to rest quickly.
The Income Based Repayment Plan offers repayment strategies.
Some folks with graduate degrees can have obligations as high as $1,000 a month. Under the Income Based Repayment Plan (IBR) you can approach government loan officers who will review your financial circumstances and draw up a more reasonable repayment plan. Some have had their $1,000 payments reduced to as little as $300.
Another benefit of IBR is that if you are on a governmental payroll, or that of a non-profit charity, or if you are a volunteer for a well-fare organization, you may qualify for a forgiveness program. A great alternative to wiping away the loan, it may take a number of years of service for that to transpire. All or part of the loan amount, along with the accrued interest, could be wiped off the records.
Alternatives can include scholarships, grants, or certain jobs.
If you are wise, you will have applied for every grant or scholarship available to you because that money is the best kind - free! If you are job hunting, pay special attention to certain benefits. If your field of study is important to the position you seek, some employers will extend help towards loan repayments. If you can get into a work-study program, do it. Often this employment is on school grounds and could even be a part of your student financial aid set-up.
You should think about savings.
It may seem crazy to think about savings while confronted with onerous debt, but it is not. Save any income you can afford in a high-interest savings account. You can find many options online and the opportunities can be enormous regarding the quick returns in such a short amount of time. And it does not take much to get started.
Enter any loan consolidation deals with great care.
Pulling a number of debts into one loan can be a real money saver and make life a lot simpler. Understand that many consolidation lenders try to put hefty interest rates on their products. You must shop diligently to find lenders who offer reasonable rates. Be aware that consolidation could negate any future loan forgiveness, because the original loans will have disappeared. You will come under obligation to a new lender.
As with any loan product, read the fine print. This advice is offered to the point of making the eyes roll, but it is important. It is repeated so often because it is so necessary. With a consolidation you are swearing a big part of your personal and financial life to your new lender. It is almost akin to marriage. You need to know how, why, and for how long the relationship will endure and whether or not you will be comfortable in it.
Opportunities abound if you keep your eye-lids up. Thoughtful consideration regarding your student debt can lead to sometimes surprising ways to lessen the burden, to avenues that help eradicate your student debt quickly.
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