Paying off Student Loans With Ease with Weekly Payments
How to Get Those Loans Paid Down Quickly
It is estimated by the department of education that 920 billion dollars is owed in student loans. This number will double as new students go to college and take out substantial loans to pay for their education.
Even I have student loans to repay but I have figured out that if you pay on them weekly instead of monthly it doesn't give them time for interest to acrue, thus paying down your principle. Making weekly payments can also increase the amount of money you are paying with those five week months throughout the year.
When I was paying my bill monthly it was giving the loan time to accumulate almost half the payment in interest. Now that I pay it weekly it only accumulates a dollar or two insteand of 130.00 dollars.
Although a lot of people are finding it hard to find work in their field of study, you can pay off your loans in less time if you pay them weekly. Find out the amount you can afford most and stick to that payment no matter what. Once you see your loan going down fast, you will be happier.
Most student loans are over the course of 10 to 30 years however you can pay them off in as little as five years if you are smart about it. Live like a college student even after you have graduated until most of your loan is paid off.
When income tax time comes and you are getting a big refund, apply it to your loans. Anytime you get any extra money such as work bonus' or money for holidays, the best present you can give yourself is to apply that money to your loans.
Let's face it, colleges rook students in to taking out these large loans and there is no way to get out of paying them.
After ten years of payment if you work in public service, you can apply for loan forgiveness which would excuse the rest of your loan that you owe. But do you really want to pay on them for ten years because I don't.
If you are young enough to work a part time job, take all that money and put it towards your school loans. Trust me you do not ever want to default on a school loan. The government wants their money and they will get it.
At first I kept derferring it then I realized the interest was just growing like crazy, so I knuckled down and started paying it monthly. When I saw how much was going to interest it made me sick so I started paying weekly. Even if you pay half biweekly you will still make two extra payments a year.
It is worth the sacrifice to get this monkey off your back. Some loans are as much as a mortgage payment. You can do it, you just have to apply this to your loans and you will be debt free in no time.
What Will Your Degree Get You
When I was practically forced to take classes in business administration, I never thought I would spend my time after school was over with a bachelors degree in business administration, at an entry level job never to move up the corporate ladder.
In 2004 when I started my associates degree this was the most desired degree, however the school councilors pushed me towards this degree. It has been nothing more then a high school diploma. If you are going to have a mound of school loan debt when you are finished, please research the market before you let them talk you in to taking classes that you will never find jobs for.
School Loans Deferred While in School
You're young and want to take the world on by the horns. You got financial aid and no cares in the world until you graduate and that ten thousand dollar loan is now thirty thousand. You never paid the interest so now the debt is three times as much as the original loan.
You have no choice but to pay it. Programs are offering loan forgiveness but they don't tell you that you have to pay for ten straight years before that loan is forgiven and you can not miss one payment.
I graduated in 2007 and still have 30 thousand dollars worth of student loan debt.
The government wants their money they invested in you and they will get it at all costs. If you don't pay your loan, they will garnish your wages, take your tax money every year and or send it to collections. Some people have even been arrested for none payment of school loans.
Pay as You Go
If you can afford to pay the interest as you go to school then do it. You can not file bankruptcy to discharge your loans. Loan forgiveness only covers certain degrees such as teaching in an F school or being a nurse.
I also would suggest if your company pays for your schooling then take it. The less you incur the better you will be.
In closing, most jobs today require a degree of some sort. If you want to go to school, search the market for the degree you want to obtain. If there is no great need then find something else.
Pay your loans weekly so they don't have time to accrue interest. In the long run if you pay them weekly you won't miss that money.
Student Debt Relief Programs
Now services are helping students pay down their debt with a ten year income based repayment plan and after ten years your school loans are forgiven. I have mine with Fed Loans Servicing and I am only paying 33.00 dollars a month. That is way better then 275 dollars the government was trying to rip me off.
In ten years my loans are forgiven and I can retire without that hanging over my head.