You are probably looking at your bills wondering how in the devil you could be saddled with so much debt just by going to school. Or, you may be a student and your are watching the taxi-meter like debt pile up as you study. Of course, if you are out of school, right now your main focus is gaining adequate employment. But, you cannot forget about paying off student loan debt.
Times are tough, though. Look at the busy unemployment offices. Entry and mid-level positions do not really offer the cash to make a significant dent in student loans. In spite of these circumstances, there are a few ways to pay off student loan debt, whether you are in college or university now or approaching a new life off campus.
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The Income Based Repayment Plan (IBR)
The Income Based Repayment Plan allows you to approach government loan officers who will examine your current financial situation and come up with a more affordable repayment strategy for you to pay off student loan debt. Some people with graduate degrees can have monthly costs of over $1,000. The IBR could allow the payment to slide to $300. What a relief!
IBR offers another benefit, if you work for the government, a non-profit organization such as the Red Cross, or volunteer, you may eventually be allowed to accept loan forgiveness programs. That would be a great alternative to pay off student loan debt. It may not happen until several years of service or employment, but it will be a godsend. The loan amount and any accrued interest will be forgiven.
Scholarships, Grants, Education-Friendly Employment
Hopefully you will have applied for every scholarship or grant available. This money is free. Since you may be job shopping, pay attention to benefits that may accompany employment. Some employers will offer loan assistance, especially if your degree is relevant to the position which you hold. Work-study is another wonderful option. Sometimes these jobs are a part of your financial aid package and the position is usually on campus. These windfalls can be a great way to help you pay off student loan debt.
Save any income you can in a high-interest savings account. Check the internet, the opportunities are surprising concerning the the quick return you realize in a short amount of time, and the minimum starting savings amount can be rather small to get you on your way. The money accrued will come in handy when your education is complete. The money would put a big dent in any debt. Or it certainly will help when setting up your first household. But there are more considerations when it comes to paying off student loan debt.
Loan Consolidation Can Be a Great Boost
Many consolidation lenders try to put a big interest rate on student loan and other student debt consolidation. Here you must do diligent shopping. Consolidators are out there who offer reasonable loan rates. Strangely, and be careful, sometimes the act of consolidation can remove you from any kind of loan forgiveness in the future. The reason being that the original loans have actually disappeared, paid off by the consolidation and you are under obligation to a new and different lender.
Whatever you do, read all the fine print. You have heard this so many times it seems meaningless. The reason you keep hearing it is because it is not meaningless. You are committing a great part of your financial life to this lender and you must be aware of how and why your are obligated.
Keep an eye out for opportunities. They exist. Serious thinking and consideration about your college or post-college debt can lead to ways to quickly pay off student loan debt.
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