The cost of tertiary education can sometimes be so high that you question is it even worth it. The truth is, it has to be. Not only does a university degree help you get a job, but it also helps you learn more about yourself. People don’t realize that university is the period of their lives when they learn most about what they like and dislike, how they function, and what they want from life. When you take into account what you’re getting, education loans suddenly don’t seem that bad. Of course, the attitude towards them changes completely once you realize that there are effective ways to quickly clear your debt.
1. Make a plan
The best thing you can do for yourself in this situation is come up with a plan. Organization is key to keeping a clear head and staying goal-oriented. Paying off your student loans will take time and effort- you can’t just wing it. What’s more, most people make the poor decision of ignoring their loans and deciding they’ll pay them off someday. This is just prolonging the inevitable and putting more pressure on you, though.
It’s advisable to write everything you want to do down. This way, you’ll have a clear picture in your head about what you need to do. In other words, you won’t forget anything and you won’t have an excuse to avoid your responsibilities. All of your doubts, troubles, problems, ideas, solutions, and potential methods should be written down in the same place, too. In the end, you’ll end up with a course of action and enough confidence and resources to complete it.
It will be much easier to follow your plan through if you write it down, too. This is because writing things down usually makes them more real and more serious. It will be much easier to track your budget when it’s not just in your head, too.
2. Find extra work
The matter of the fact is, you need more money. If what you make at your job isn’t enough to set towards your student loans, perhaps it’s time to look for something on the side. This way, you can put your main salary towards your life while investing what you make on the side in your student loans. You can easily find a weekend job or apply for a position that requires you to work from home.
Why not take advantage of the modern world and the miracle of the internet? By working from home, you get to manage your own hours. This allows you to focus on your primary job while also leaving you time to relax a little. Working two jobs can be stressful, so some down time is essential.
Additionally, you can ask your boss for a raise. If you work at a job where yearly raises are implied, then you can set aside your raise or at least a part of it towards paying off your debt. After all, you’re used to your current living standard and don’t need to work on improving it until you’ve paid off your debt. It might be hard work, but it’ll be worth it since this is a highly effective method.
3. Apply for a job that offers forgiveness
Certain jobs in public offices may offer forgiveness for all or part of your student loans. If you can, you should try to apply for one of these jobs. Of course, thorough research is required before you apply for anything. You should be aware that, to be accepted for the position of most public jobs, you have to meet certain standards. This is why the thorough research is so important. First, find out if you’re eligible for a public job and do everything you can to meet their requirements.
Be aware that all requirements must be met for you to be a shoe-in. You’ll also probably need to complete a full term of work before you can be qualified for forgiveness. You’ll need to make sure you’re eligible for forgiveness as soon as you can because you could end up with higher and accumulated interest rates pretty easily.
4. Turn to peer to peer lending
Instead of borrowing your money from the bank and dealing with high-interest rates, you can turn to another method. Peer to peer lending means that you’ll be getting your money from someone that wants to lend it. This is good because you’ll get to talk to the other person and make a deal that suits you both. Of course, it’s hard to find people who are willing to participate in this exchange. Even if you do find them on your own, they usually ask for more than what the bank would have. To avoid this issue, you should turn to professional companies which offer low personal loan interest rates.
Companies like these have peer to peer lending programmes, so you’ll be sure you’re borrowing from the right person. You’ll be able to trust them and come up with a sound deal that suits you. The most important thing about peer to peer lending is working with a decent person who sticks to their word. You can guarantee that firms do a thorough check on all of their clients so that know exactly who you’re working with.
With trust and money in the game, there’s no reason you shouldn’t opt for this method. Some people feel safer with these types of exchanges than with banks. After all, the people lending the money are only human too.
5. Add a little extra to your minimal payments
Minimal payments are, of course, one of the most convenient and stable ways to pay off your debt. The process takes ages, though. If you’re already paying the minimum amount every month, there’s no reason you can’t and shouldn’t add a little extra. Even if you can afford up to 20 dollars more, it’s still something. All of this going directly to your account and adds up pretty quickly.
This means you’ll have to sacrifice some things in your life, though. Skip that drink with your friends or don’t order so much takeout. By the end of the month, you’ll have enough to put a little more than the minimum payment into your account. If you set up automatic payments for certain amounts, you can avoid any possible hesitation and give yourself extra motivation to make that money.
Another good idea to save extra money for minimal payments is to put off a small amount daily. You won’t miss those five bucks in your pocket, but at the end of the month, they’ll pile up and can go straight into your minimal payments deposit. This is a good method if you’re playing the long game.
As you can see, paying off education debt isn’t impossible. These tactics will help you walk away debt-free and let you enjoy your youth. You don’t need to slave your whole life for getting a degree. Remember that the best tactic for paying off your loans is having enough patience, though. Rome wasn’t built in a day, but that doesn’t mean you should give up, because, eventually, you’re going to build it.