How to Eliminate Education Loan Debt
For students who have made their way through school with the help of student loans, the debt may still be around years after they have graduated and started their first job. There are many things that one can do to help eliminate their education loan debt.
- Figure out the entire amount that you owe on your student loans, and write down the total. As you make payments, you can subtract them from the total amount to help you keep track of what you owe.
- Determine whether you qualify for any federal loan forgiveness programs. Those who may qualify include those who are in the military, those who work in public service and teachers who work in low-income areas.
- Determine how much money you have to work with. You can do this by writing down how much you earn each month and how much money you have going out each month.
- Try to find ways to cut back on expenses until you get your student loans paid off. You may wish to live with several roommates to cut down on rent or purchase a used vehicle so you don't have to make car payments. You can also choose to ride a bike or take public transportation rather then purchasing a vehicle.
- Write a budget for yourself, so you know how much you have to spend and how much you will have left over to pay off student loan debt.
- Start a savings account to help save money for paying your student loans off. You may want to consider getting a side job or working other odd jobs, and put all of the money you earn with these towards paying off your student loan debt.