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The Young Person’s Guide to Debt Relief: Start Paying Off Your Student Loans ASAP!

Posted By:  |  February 17, 2014  |  0 Comment(s)

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Are you a student or recent graduate? Are you already searching for debt relief tactics? If you are, you are one step ahead of the game when it comes to getting your finances back on track. Many students end up with big debts from their tuition and their time spent in college or university, and it is very important to get that debt cleared and out of the way as soon as possible.

When students do not take action and forget about their school debts, they then end up facing financial strain in their thirties, forties and beyond. They may find they cannot cope or support themselves, cannot get approved for new loans and cannot afford major life investments. Get rid of your student debt as fast as you can!

If you are looking for ways that you can find debt relief and pay off you student loan at a faster rate, then check out these following tips to get you started.

Make Larger Payments Than Necessary

This step is simple. Whenever you make a payment on your student loan, make a larger payment than is required of you. Your student loan provider should accept your larger payment with open arms, and you may even want to ask them their advice on how much you should pay each month to be able to pay it off sooner rather than years later. Work out your own budget, look at what you can cut back on and what you can afford for each payment every monthly or yearly period.

Take on a Side Jobs or Two

This is a great idea for those who have already started working in the field they studied for. If you can manage a bit of an extra workload during the year, try taking on some freelance gigs that can give you the extra student loan payment money. Find debt relief sooner by putting your skills into action. Do some writing, designing or perform some accounting tasks for a company seeking a freelancer. There are numerous freelance jobs out there for you to take advantage of. Just figure out your skills and strengths and start looking for freelance jobs and gigs to supplement your income.

Companies like Elance and Odesk are a great place to start looking for freelance work. In addition, Craigslist also offers some side employment opportunities.

Learn How To Budget

Nowadays, a large majority of the population does not learn how to live on a budget until they are in their late 20’s or 30’s or after they have bought a car or home. When we end up with more responsibility in our lives, we start to notice how important it is to place our finances on a budget. Ask for help in planning a budget, whether from your parents, a knowledgeable friend or someone who just seems to have their financial situation in order.

Learn about what items you do not need in your life and what items are essential for a healthy quality of life. Of course, shelter, food and hygiene supplies are necessary, as well as a few other imperative household items. But do you really need that massive 500 channel TV package or those weekly pedicures? Be realistic and start to live responsibly.

As soon as you can pay off your student loan, the sooner you’ll feel a great sense of relief and hope for the future. You certainly do not want debt hovering over you into your 40’s, so make sure you get started on payments now. With some planning and a lot of work, you can pay down your student loans and experience the sense of pride that comes with creating your own debt relief.

If you’ve come to the end of your rope and can’t do it on your own, we’ve reviewed debt relief companies that may be able to help you.

Poll

  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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