How to Pay off Student Loan Debt – Video
You’ve graduated from college and got a job. So now what?
There are many different avenues that young college graduates are taking in order to pay off their student loan debt. For most graduates, the debts they have accumulated would take at least ten years to pay back. However, due to the skyrocketing prices to attend college, many students are taking their debt head-on with a variety of tactics that may significantly reduce their student loan debt.
- Freelance or work an extra part-time job: Freelance work is a great way to earn some extra income, build your own schedule, and be your own boss. Freelance work could also be crafted as a way to get further ahead in a career or side business. Working an extra part-time job is another way to make some more cash. Picking up night shifts part time as a server or a bartender is a quick way to make tips and more money on a paycheck.
- Embrace the “sharing economy”: Thanks to modern day technology, you can start your own business from home or your car through apps such as Airbnb, Lyft, and Uber. College students and postgrads are using these freelance services in order to make extra money to pay off student loan debt. These types of services are great for generating extra income with a flexible schedule.
- Public service and debt forgiveness: There are many different professions that offer student loan debt forgiveness. This type of debt forgiveness will only forgive federal student loans. If you have taken out Perkins loans and are employed as a librarian, teacher, police officer, a nonprofit worker, or any other public service member, you are eligible for federal student loan forgiveness. Teachers that have direct federal loans may be eligible to have their debts forgiven after five years. If you are not sure how to qualify or if you even qualify for any of these programs then Ameritech Financial can help. We can find the best program that you qualify for, perform a budgetary analysis to make sure it fits your financial lifestyle and help you enroll while we take care of the document preparation. Call us today to learn more.
- Refinance your student loan payments: Refinancing payment plans is an excellent option for those who are working a steady job and have good credit. If you are approved, you may have the interest rates on the loans reduced. However, it is important to keep in mind that by doing so, the federal loan would turn into a private loan.
- Budget, budget, budget: After graduating college and getting a better paying job, it may be easier to spend more money on a nicer car, bigger apartment, or getaway vacations. However, this is a crucial time for graduates to budget their money so that they can payback their loans without going into default. Cancelling gym memberships, cooking from home, and keeping track of spending are great ways to budget.
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