Free Yourself Faster From Student Loans With These Handy Tips
The student loan repayment system can be extremely complicated, but it is not invincible. Instead of trying to repay it throughout your life, you should try to repay it as fast as you can. The rise in student loan has revealed interesting statistics — about 43 million people have student debt. The Federal Student Aids Portfolio is about 10% of the USA’s national debt. It has also been found that, overall, student loan debt is greater than credit card debt. Paying your student loan is definitely a pain in the head, but there are a few ways for you to follow to be free from its grasp much faster. Maybe not all of these solutions are for you, but some of these might be.
See If You Qualify For A Federal Student Loan Forgiveness Program
Federal student loans are handled by the Department of Education or the student loan servicing companies. There are three major programs for student loan forgiveness. The Public Service Loan Forgiveness (PSLF) program is the most popular one. It offers loan forgiveness to anyone who has been in public service for 10 years or more. Public service will include government jobs, education jobs, law enforcement jobs, non-profit jobs, and others. Those who are in the teaching profession or have joined the military have their own loan forgiveness program. However, it doesn’t cover as much as the PSLF.
Find Out If The State Will Assist You To Pay Back Your Loan
Individual states have their own student loan forgiveness program. Out of 50, 46 states have some kind of program for a student’s benefit. The state of Kansas offers up to $15000 of loan forgiveness for living in certain parts of the state. California has a loan forgiveness program for medical professionals, doctors, and dentists, while Texas offers assistance for professors, nurses, doctors, teachers, lawyers, and therapists. So if any of these professions appeal to you, think about moving in the states that have the loan forgiveness program available.
Try For Employers With Tuition Reimbursement Program
Several employers these days are offering tuition reimbursement for their employees to help them pay off their debt. Some other companies have Student Loan Repayment Programs. Numerous students work during college to pay back their debts. If you do decide to work, why not work for an employer who will help you pay back those loans? If you have finished school already, there are tons of employers offering signing bonuses or perks to employees when they join.
Look For Repayment Plans That Suits Your Affordability
In order to get rid of your debt, you need to find a repayment plan that matches your ability to pay. After graduation, most students are enrolled in the Standard Repayment Plan, but many do not know that this plan can be changed. For example, if you get a good job after graduation and your salary goes up, you will be able to pay more every month and can change your plan accordingly.
Refinance Your Student Loans
Private student loans are best repaid by refinancing. Find a lower interest rate for your loan and pay them back as soon as you can. If possible, try and find various rates and compare which one works best for you. Most private student loans have variable rates, so learn more about how it works to make sure you save as much as you can while refinancing.
Think About Loan Consolidation
Loan consolidation and refinancing are not the same and consolidation applies only on federal student loans. If you have multiple federal loans, then it is best to combine them all into one loan. Of course, you will have a new interest rate based on all your loans consolidated together. The consolidation will help you manage your loan repayment better as all your loans will be in one place. The monthly payments may increase but you can extend your term.
Earn More Money
This is, of course, the last resort. If nothing works for you, you can always have a few side jobs and earn more money. Sometimes, just an extra $100 a month can make a big difference. There are several work-from-home opportunities which you can do during your free time. Think about it: $1200 a year will help you pay back your debt much faster.
We hope with these tips, more and more people can free themselves from the burden of paying their student debts and finally live a stress-free life.
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