How To Pay Student Loans Off – 6 Methods

September 1, 2011

Pay Student Loans

If you have just finished college and are looking for some insanely fast ways to get your debt cleared, we have just what you need, in the form of 6 different pay student loans off methods that you can use to eliminate your debt way faster than the normal rate so you can be debt free and not have to worry about student loans every again. By using thes pay student loans off methods, you will be able to bank all of the money you make, or spend it on the good stuff instead of forking it over to lenders for years and years.

Pay Student Loans

Pay Student Loans Off With These 6 Methods

  1. Start Saving For Retirement – This may sound weird and totally irrelevant but it is far from it. When one saves for retirement, the funds you put away are considered to be a tax write off. Meaning the more you put away, the better tax refunds you will get. If you do choose so, you can pay student loans off with the retirement funds that you saved as well. This can be a very powerful method that you can apply each year, giving you large sums of money to drop on your loan debt.
  2. Ask Your Employer – This may seem like a terrible idea at first, but it has worked countless times. Basically with this method of paying student loans off, you can ask your employer if they can either help you pay off your student loan or pay it  off completely, either by agreeing to stay with the company for a certain amount of time, as well as substituting some of your pay raises for a while to go towards your loans. Companies like this as they would rather keep a good employee instead of hiring a new one which is expensive. You can also try and negotiate your job offer, even a couple of thousand dollars extra per year. By explaining your motives of the boost to your potential employer, they will often time lend a help hand in the form of higher annual pay.
  3. Keep Livign Like A Student – You can pay student loans off a lot faster if you keep living like you did when you were as student. This includes continuing to bargain shop, avoid the shiny object symdrome, and flat out be cheap for a while. The money you save with this method can go towards paying off your loan. Althouh don’t forget to splurge sometimes because going cold turkey is never easy.
  4. Student Loan Repayment Programs – This option to pay student loans off consists of either working community service jobs through organizations like Americorps, VISTA and Peace Corps where each year they either pay off a percentage of your entire student loan, usually around 15 percent, or give your a large lump payment at the end of the year of service, in the thousands, which can be used for your debt. Other student loan repayment programs are found in public service jobs as well as jobs in areas of low income, where you can get most of all of your debt forgiven. To find out how you can pay student loans off with forgiveness, contact your lender who will have the most up to date information.
  5. Pick The Shortest Repayment Period – Picking the shortest repayment period will allow you to pay student loans off much quicker. Although the payment will be higher than longer repayment periods, you will both save money on interest as well as monthly payments and be out of debt years before a longer repayment program.
  6. Get A Roomate – By getting a roomate, or renting a room from somebody, this can result in your saving hundreds or even thousands a month. You can pay student loans debt off with this method alone years ahead of planned.

Pay Student Loans Conclusion

Now that you know some of the great and fastest ways to pay student loans off fast, you can now take advnatage of one or all of them which will ebable you to pay student loans debt off faster than you may have ever thought. Millions of indviduals of used these methods to pay student loans debt off quickly and you can do so as well, giving you the peace of mind that a debt free life brings.

 

 

Category: How To Pay Off Student Loans FAST

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