If you’re going through college in the US, you’re bound to have some student loans to your name, whether it be a lot or a little. And sure enough, you are not the only one! Millions upon millions of young adults are diving into debt as we speak for an education that will allow them to gradually pay off that debt in the future. What to do? How to speed up paying my debt?
Well like anything in this world, if you want something to get done, it takes determination and focus. If you want to pay off that loan as quick as possible, there are certain things that can be done.
- If you aren’t someone who is going to make a ton of money in your profession, it is important not to take on a lot of debt and extra payments that you don’t need after you graduate. Don’t buy that expensive car! Live at home for a year or two after college! Having a car payment, a house/apartment payment, buying expensive toys are going to take money away money that could go towards paying off your loan. Live simply, and focus the majority of your money into that monthly loan payment!
- There are websites out there that do help. Enjoythelittlestuff.com is a newly launched site that charges you $1.00 to submit a picture that shares good news happening in your life, and then in turn that money goes back to helping people pay off their student loans. It’s a very cool and creative site… and worth going for a chance to get your loans paid.
- Do NOT use a credit card!!! If you are someone who loves to spend money then having a credit card is the worst thing you can do! Credit cards are for spending cash that YOU DO NOT HAVE! Not to mention that people who are fresh out of college will probably have to pay high-interest rates on that card. So if you are using credit cards to buy furniture, expensive toys, clothes, etc. all you are going to be doing is focusing your money to pay off your Visa or MasterCard, and not your student loans. Want to know an easy way to establish some credit?? Get a gas card and use it to fill up your car. An easy way to establish some credit.
- Pay more each month than just the minimum payment. If your monthly payment is minimum $200, try and pay $500. Pay as much as you can each month, but do try to pay more than just the minimum. Interest rates are pretty low for student loans, but it is still an interest rate, and for every month that goes by that rate is building more and more debt. So pay as much as you can when you can! But be sure you still have money for food, rent, etc.
These are just a few ways to help you pay off your debt faster.