Paying Off Student Debt Fast
One of the prime concerns that the average American student has to face off and deal with is none other than the infamous student debt for funding college. So, how does one deal with such a problem? In this article I’m going to be a realist and outline how to do pay off debt realistically in the real world. I’m here to tell you exactly how to pay off your student debts within the four years, so that you can chase your true dream and/or careers without having that financial pressure restricting yourself and bringing you down. It is possible, but what you will need is an iron-will, confidence and sheer determination. Perseverance is the key skill which you must come in grips with. Once you have attained that, you will be unstoppable. First of all, what you need is a plan. There is no substitute to that, and this article will allow you to develop that plan, and trust me, you may even be able to pay off your student debts faster than you think.
Paying off your student debt is easy
Remember, during your college days, always try to have a positive outlook on life and have a strong positive mental attitude. This will allow you to remain focused and determined. With such a mindset, when you believe that you can do ‘it’, you actually can. ‘It’ here, in this case is, being able to pay off your student debts. Do a part-time job; preferably one which complements your field of study. This will allow you to get hands-on experience in the industry as well as pay for your debt. Perhaps, if you are a valuable employee you could get help with your student-debts from your employer even. Several US employers allow these kinds of job incentives as parts of a benefits package. Even on jobs where such packages are not included, if you can become a valuable enough employee, you could ask the employer himself. When you ask your employer for such a deal, keep in mind that the deal has to be good for the company as well. For example, offer incentives such as a promise to stay at the job for a specific period of time or agree to relocate to a branch office.
Next, be sure to make payments while you are in school. While you are in school, the interest meter is running. What this means is, the more money you have unpaid, the more money you have to repay after four years. So, paying money continually will reduce this interest-compounded amount as well as the overall money which has to be paid. Enrolling in an auto-debit is also helpful. An auto-debit allows you to never miss a payment, and also, several money lenders offer discounts simply for enrolling. In this form of payment, money is deducted from one’s account every month. You can think of this as paying for a cause- your graduate/undergraduate degree.
Furthermore, you could try to make money on the side. Websites such as craigslist allows money for a one-time gig. Combine this with a part-time job and you’ll surely be making a pretty penny. You can pay off money as well as have some money at hand every month. Freelancing is also a brilliant option if you believe that you’re professional enough and skillful enough to get noticed by employers. Sites such as Elance and UpWork are among the best freelancing options. Also, switch to the bi-weekly payment option instead of paying money monthly for your student debts. This will allow you to make payment in a 14 day period. The advantage of this form of payment is that you can make payments without your interests building up significantly. Also, try to pay as much as possible each month/bi-weekly period. This brings your principle amount down quicker.
Lastly, the most ‘heard-of’ form of payment- Scholarships. Scholarships are hard to earn, that’s true, however, that’s only when full tuition and living board and accommodation is considered. Smaller scholarships of around $1000 are available and are much easier to earn. Keep an eye-out on the university dashboards. The key to winning a scholarship like this is by following the instructions that they say. You can get frustrated by the steps they say, but that’s exactly what loses people from getting a scholarship. The closer you get to the scholarship, the more frustrating it may become.
As a last note, good luck on fending off those mean debts, listen to your heart, and follow your dreams to do whatever you want!