Today, Americans are graduating with little knowledge of the practical world but a whole lot of student loans!
Acquiring a student loan might seem to be the bridge that’ll help you graduate with a degree from a fancy school; however, this isn’t the case! More than 44 million American citizens owe a whopping $1.6 trillion in just student debt.
We’ve put together a few simple tips to help you get out of the student debt ruckus fast!
Make Extra Payments on Time
This is as simple as it gets!
Making extra payments on time will help you pay back as much money as possible without letting the interest accumulate. The longer you put off your payments, the more interest it gains.
Trick yourself into making bi-weekly payments, as this will ensure that you get out of the debt in time without accumulating oodles of interest.
Reflect on Refinancing
Getting a new loan to pay off your previous student loan? That doesn’t make sense!
However, refinancing is a perfectly sensible way to make your way out of these student loans. All you need to do is play smart.
Reach out to a private vendor, and they’ll help you pay your student loan. The only thing you need to consider while finding the right private vendor is that the private lender offers you a lower, fixed interest rate and accommodates you with a shorter repayment plan. Finding such a private lender is nothing less than hitting the jackpot!
Stick to a Budget
We can’t emphasize this one enough.
Sit down with a notebook and calculate your net income, expenses, and loans you have to pay back. Try to cut down on unnecessary expenses such as eating out, splurging on expensive brands and buying things you don’t need. Keeping an eye on your budget can help you save a lot of money to pay your student debts.
Apply for Loan Forgiveness Program
You can’t rely on a loan forgiveness program, but you can always give it a shot. If you’re a public school teacher, part of the Peace Corps, or a government employee, you can always apply. The loan forgiveness program can help forgive part or all of your student debt.
Take up a Side Hustle
If you’re good at capturing moments and people, bust out your camera and list your photography services on a freelancing site. Or, if you’re good with words, create content to make an extra income. A side hustle can help you monetize your skills and help you pay back your loans faster.
Channel Tax Refund towards repaying your student loans
If you’re getting a tax refund reimbursed to you, don’t splurge it on the latest PlayStation!
Instead, use that money to make a payment towards your student loans. Even if you manage to make a single payment with the tax refund money, you’ll have one payment less to worry about.
Using these tips and hiring a student loan specialist from 007 Credit Agent can help you pay your loans faster. Our firm employs adept student loan and credit repair specialists. We go deep into your debt problems, make some calculations, and come up with a practical solution for you.
Contact us here.