Paying for college isn’t the same experience for everyone. Those who were able to earn a 4.0 GPA in high school, excel in sports, or write an incredible essay likely had access to the best scholarships available. While this is exciting and commendable for the students who have the ability to reach these achievements, many have limitations that prevent them from receiving sports or academic scholarships. Therefore, when it comes time to pay for college, numerous individuals have to find alternate ways to make it work financially. This often results in student loan debt after college.
Explore three of the most inclusive strategies that anyone who has attended college can use to pay off student loan debt.
Earn extra cash with part-time work
Whether you are working a full-time job, a part-time job, or are currently unemployed, convenient part-time work can be a valuable tool in paying off college debt. It is also one of the most accessible tools, since part-time work can fit nearly all abilities and schedules. Whether you decide to open an online store, start working as a virtual assistant, or deliver pizzas for a few hours in your neighborhood, the options for work are endless. To make the most of your part-time income, decide in advance to use every paycheck toward your debt. Resist the urge to use the money for “fun” expenses, such as dining out or entertainment purchases.
Create a plan to make affordable monthly loan payments
If you are finding it challenging (or even impossible) to make the minimum payment on your student loan debt, don’t fear. Loan companies understand that this is the situation for many individuals. As a result, you can contact your student loan provider to create a manageable repayment plan. Whether this means applying for a few months of forbearance, an income-driven repayment plan, or loan forgiveness, there will more than likely be an option that will work for you. Alternatively, reorganizing your student loans through consolidation might be a better option for helping you manage your debt.
Control your funds with a budget
One strategy that everyone with student loan debt should use is creating a personal budget. When you have debt of any amount, it is essential to pay off that debt as quickly as possible. If you do not have a written budget, it is next to impossible to know exactly how much you can allocate for debt repayment. Taking an hour or two to set your budget will give you long-term control when working to pay off student loans.
Making it possible for everyone to pay off post-study debt
Since many individuals are unable to have college paid for by scholarships or by relatives, it is essential to discuss inclusive ways of paying off student loan debt. Taking on part-time work, working with loan providers to create a manageable repayment plan, and establishing a budget are strategies that nearly everyone can use to control and pay off their student loan debt.