Struggling with student debt? Student loan debts are best dealt with earlier rather than later. Here are a few tips for helping you pay off your student loans.
Set Aside Money
Set aside a set portion of your income towards paying off your student debts. Do an accounting of your needs and expenses. See how much of your income you need for basic living expenses. Set some of your income aside for extras, but make sure to put a nice chunk of it towards student debts.
Be Smart Financially
Don’t waste your money. If you’re straddled with debts, cut down on luxuries and things you don’t really need. Look for cheaper living conditions. Get a second job. Clip coupons or use sites such as Ebates to get discounts online.
Consolidate Your Loans
Consolidating your loans is a great way to lower your interest rates. Instead of having to pay off multiple loans at once, you can lump them into one big loan. This can have some cons as well, so get an expert to help you out.
Get a Job With Forgiveness
Some federal student loans can be forgiven if you work at certain jobs, such as a teacher. You’ll have to meet all the requirements and you’ll also have to work at the job for a certain amount of time. This may not be the best option if you want to go into a specific career.
Declaring bankruptcy should never be your first choice. However, if you have no other option, it may be possible to get out of your student debts that way. There are certain requirements that you’ll have to meet in order to get your student debts canceled. Contact us for help and more information.