5 Ways to Avoid Drowning in Student Loan Debt As a College Drop-Out

I know from firsthand experience. Colleges and Universities cost money, and most of us need to obtain loans in order to finance our important higher education. If the amount of student loan money you borrowed costs 20, 30, 40, 50 (or even 100!) percent more than you originally borrowed, the question is: now what? Especially if you are a college drop out.

Looking for Some Simple Student Loans Solutions?

Check out these 5 simple student loans solutions you can put to work now!

  • Student Loan Forgiveness Programs
    Yes indeed, there are student loan forgiveness programs that you can take advantage of. The Public Service Loan Forgiveness program is tailored for those that get jobs in the public service field (for example, a police officer or firefighter). Should you get a government job or a position in a non-profit, you may very well be eligible for student loan forgiveness from the government. This type of loan assistance will greatly help you to eliminate student loan debt!
  • Grace Periods
    You can apply for a student loan grace period. In a nutshell, a student loan grace period is a specific length of time where you’re “excused” from making payments toward your loan. The grace period typically depends upon the type of student loan you have. Generally, the grace period is from 6 months to 9 months. Private loan grace periods will vary by lender.
  • Tuition Reimbursement from Your Employer
    Have you been hired for a job? If so, congratulations! Take the opportunity to look into any tuition reimbursement programs your employer may offer. These programs are quite common, even for a college drop-out. And even though your current job may not offer a tuition reimbursement program to help with your student loan, it definitely doesn’t hurt to ask if they would be willing to start one.
  • Eliminate High Interest Credit Cards
    Do you have credit cards with high interest rates, or too many credit cards? Don’t let yourself drown in needless credit card debt. Say goodbye to all but one or two credit cards, and consolidate credit card debt if you can.
  • Get in Touch with Your Student Loan Servicer
    Make your student loan servicer a main point of contact. Private lenders and the federal government alike assign all borrowers a student loan servicer. Reach out to ask about the various options that may be able to help you get rid of student loans.

One can also save Money by Getting Rid of These Expensive Habits.

 

Start today, and you’ll be pleasantly surprised at how quickly you can save money!

If you find that your spending habits are leaving your wallet – and your bank account – lighter than you’d like, I suggest getting rid of the easy stuff. Anything helps when you need that extra cash flow to direct toward paying off your student loan.

  • You may not have to penny pinch in a big way, but do be mindful of your spending. Take a serious look at your budget and expenses, and get rid of expensive habits. If they’re not crucial to your everyday living, make those expenses go away.
  • Question everything – the vacations you take, insurance policies you may not really need, the gifts you buy for others (and for yourself!) and the list goes on. Do you have “app addiction?” If so, take a good look at how much all of your apps are costing per month. According to gobankingrates.com, “Those $1.99 purchases seem inexpensive…but they can snowball. My point is: think really hard before you spend on anything, and eliminate any recurring bills/expenses that you really can live without

So Now You’re Ahead of the Curve When it Comes to Simple Student Loans Solutions and Getting Rid of Expensive Habits

There’s so much more that can help you!

If you want more help securing simple student loans solutions or funding for a student loan, we can help.

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