3 Ways to Pay Off Your Student Loans
The notion that there’s more than one way to pay off a student loan is not necessarily true, but there are ways around it. It’s the same with everyone, you pay each consecutive month and the amount owed becomes slightly closer to being paid off. As tiring and tedious this process is, there are actually ways to speed up the repayment process and pay off the loan sooner. Sure, you’ve heard stories about how people save, save, and save and pay off large amounts at a time, but sometimes this isn’t feasible. Luckily, we have 3 ways to help you pay off your loans. Don’t believe us? Keep reading.
Budget, Budget, Budget
Image via Flickr by aronbaker2
A financially, wise person budgets each month and then some. But, if you’re buying materialistic things you really don’t need, you’re blowing your budget and making it harder for yourself to get ahead. Purposefully cutting out unnecessary purchases is your first step towards budgeting. Put in more work at your job or take on a side gig to earn extra income.
If for a second you think about treating yo’ self, don’t do it! That’s not to say you should live like a monk, but you should use that extra dough towards your loans and save the rest for a rainy day.
Live Inexpensively
There’s an allure with the idea of moving to a big city with a lot of professional jobs that pay handsomely. But the cost of living in those cities eat up your income pretty quickly. The reality is, there are great careers to be found in cities of all sizes. Find a company that actually wants talent, is willing to pay a good salary, and has living expenses much lower than a big city so that you can live well. Plus, you’ll have more money that’s not earmarked for bills that go toward paying down your student loans.
Refinance Your Loans
If your loans aren’t in the best of shape or you’re drowning in high-interest rates, you’ll find it hard to pay them off in a reasonable amount of time. This is the time to refinance even if you’ve only been paying them off within a couple of years. Reorganizing your loans through refinancing can lower the interest rates and net you better repayment terms. You’ll find that your principal balance goes down a little more quickly than before, and you have a few more dollars in your pocket. There are quite a few benefits to be said by going this route.
It’s far better to give up a few things early on in life rather than try to juggle it all. There’s always time to experience life in the big city and spend your money on the high life. Save your big spending later down the road when you actually have the money to spend. Stay debt free!
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