What’s The Best Way To Pay Off Your Student Loans?

It’s kinda funny isn’t it? When we’re young and want to get out of High School and get to College to have some real fun, we don’t much pay attention to our student loan or how we’re gong to pay them back. Heck, I was just happy to get one and I figured I’d pay it back with a good job after college. Right? I mean, that’s what they tell us isn’t it? It’s not till later on when we’ve ‘grown up’ and get out on our own start repaying those evil loans that we start paying attention to them! Many of us found out selves asking “What’s the best way to repay student loans?” Heck, we just wanted away from these things. Like a bad friend who will never leave!

Well, as someone who has payed off their loan early and has helped others do the same, here’s a few things I’ve learned along they way.

First, the very best way to pay off your student loan is to just get laser focused and throw everything at this loan. Work extra hours if you have to. Get a part time job. Whatever you do, get rid of it! You see, should you fall on hard times later on, you may go bankrupt on everything and think you’re safe. You’re not. You can’t declare bankruptcy on student loans. And they’ll hound you and make your life miserable until you pay! So even if you don’t have food to eat, they’ll want their money and they can even garnish your wages!

Another way that some folks pay off student loans, which I do not recommend but I guess it worked for them, is to put the balance on a credit card if you have a high enough limit. I’ve also known others who have taken out personal loans to pay off Uncle Sam. That may not be a bad idea, but I really hate owing anyone, especially a bank!

Finally, another way to pay off your student loan would include actually working it off by arrangement with the Government. This is something that you should have already known before you obtained the loan, but if you don’t, here’s how it works in a nutshell. You see, there are some jobs in such a demand, Uncle Sam is willing to pay off your student loan, or a portion of it, if you’ll just work at these jobs for as long as they tell you to.

Remember the TV Series ‘Northern Exposure’? That’s what the Doctor was doing in Alaska, working where the Government told him to so they would repay his student loans to medical school. There are other fields where the Government will do this for you, so it pays to look into this before obtaining a student loan!

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.