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Best ways to pay off student debt ?
- not trying to be in debt for 20 years
#college-debt #debtfree
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4 answers
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John’s Answer
First is to be realistic with your income. Average pay 1st year out of college is $37,500. School choice is key! Go to a cheap school!
Secondly, follow a budget. Excel is what I still use at 44. You can't run a negative number so have an emergency fund. Pay minimums on all debt until you have $1000 in your ER Fund.
Third, spend less and make more. Pick up a 2nd job and don't live your best life. The YOLO doesn't exist if you're in debt...
4th - do not accrue more debt - ie. cars, house, Credit Cards, ect ect
5th - do not invest until the debt is clear
6th - when the debt is clear increase the $1000 to a 3-6 month ER Fund
7th - Start saving for a house
Stay focused on the debt until it's gone!
Secondly, follow a budget. Excel is what I still use at 44. You can't run a negative number so have an emergency fund. Pay minimums on all debt until you have $1000 in your ER Fund.
Third, spend less and make more. Pick up a 2nd job and don't live your best life. The YOLO doesn't exist if you're in debt...
4th - do not accrue more debt - ie. cars, house, Credit Cards, ect ect
5th - do not invest until the debt is clear
6th - when the debt is clear increase the $1000 to a 3-6 month ER Fund
7th - Start saving for a house
Stay focused on the debt until it's gone!
Updated
Zohra’s Answer
Hi Katalina,
Depending on your degree, you can get jobs where they will pay off your students debts if you work with them a said number of years. It's called loan forgiveness.
If that's not an option, budget budget budget!! I like using Mint app to sync all my credit cards, bills, rent, etc in on app. It shows where I spend the most, then I pivot and cut costs where I can. If you can move in with your parents, siblings, friends, or with roommates for a temporary period that'll also cut costs.
Hope this helps and good luck!
Depending on your degree, you can get jobs where they will pay off your students debts if you work with them a said number of years. It's called loan forgiveness.
If that's not an option, budget budget budget!! I like using Mint app to sync all my credit cards, bills, rent, etc in on app. It shows where I spend the most, then I pivot and cut costs where I can. If you can move in with your parents, siblings, friends, or with roommates for a temporary period that'll also cut costs.
Hope this helps and good luck!
Updated
Paulette’s Answer
Hi,
One way to pay off debt, is to have a budget. You can create a monthly budget to see how much you're spending. This will give you an ideal on how much money is coming in and going out. Once you see this information, make adjustments for savings. Also, some students loans are forgiven if you work for non-profit and government agency.
One way to pay off debt, is to have a budget. You can create a monthly budget to see how much you're spending. This will give you an ideal on how much money is coming in and going out. Once you see this information, make adjustments for savings. Also, some students loans are forgiven if you work for non-profit and government agency.
Updated
Barbara’s Answer
Hello there. The best way to pay off student debt is first, if you can, limit the amount you borrow. This can be done by choosing a cheaper college or university and finding ways to complete courses on-line. If you already have student debt, look at the interest rate you are currently paying and see of there are other lenders who have lower rates where the balance can be transferred. Come up with a plan to pay monthly based on what you can afford. If you plan to further your education, look for employers who have tuition plans and who will pay for college course.