Paying off student loan debt as quickly as possible is more important than most new graduates realize. Having student loan debt on your shoulders not only adds stress to life, but interest begins to accumulate, meaning you will end up paying more money in the long haul. As students around you are filing for bankruptcy, pay attention to these pieces of advice to avoid a similar fate.
Pay Off Loans FAST:
- Go with the absolute shortest loan payment plan that is possible with your income. If it means cutting back on expenses and/or getting a weekend job, do it. Once you have the freedom of shaking off student loan debt, your chances of not filing for bankruptcy go up dramatically, and you will have a general peace of mind that is worth far more than any dollar sin.
- Consider working for the federal government to get up to $60,000 worth of student loans paid off. That’s $10,00 a year for six years! For more information on this Federal program, visit http://www.opm.gov/oca/pay/StudentLoan/.
- Work with your employer to see if the company can help you pay off student loan debt. You might be surprised to know that this happens frequently. Because companies want to retain quality employees, they are willing to throw in some bonuses here and there to make sure that happens. If a bonus is available to you, consider asking if your employer will help you pay off student loan debt.
Getting rid of loans quickly will help you live a better life!