Believe it or not, an estimated 65 percent of recent college graduates are burdened by student loans according to a recent study by the National Center for Education Statistics. And you might be one of them.
Are you currently using your student loans? Take a look at this as important matter because loans can burden you far than you expected. I’ve discussed this matter with some of my seniors and they gave a few tips that I want to share with you.
Here are some basic ideas on how to wipe out your student loans.
A Budget Plan
Create a budget plan for yourself. Know your expenses daily, weekly, monthly and even yearly within your study period. Put limitation on yourself for example 20USD per day and not more than that. Determine how much that you need for fees and etc. Make sure that you stick to your plan or your plan will be useless!
The most exciting moment when we are studying is when the loans come in, right? And then we tend to spend it for a lot of things including things that supposedly not in our list. Instead of using all of them, why not we save some for the future? Do this – every time the loans come into your account, withdraw a portion of them around 30% – 50% and put them into another savings which can give you higher dividend.
You can search over the Internet or get recommendation from your friend on which bank can give you higher dividend. And at the time fro repayment, you can do the savings to pay your loans and you might earn the balance after settling the payment!
Get A Part-Time Job
Getting a part-time job is a good idea if you want to minimize your dependency on your student loans. Instead of using too much of your loans, use your income from your part-time job for your expenses. Get a job based on what you are studying and you have the potential to get the job as students cost cheaper than graduated workers.
You can also get a simple job such as cleaner or waiter which don’t need to much skills as long as you get your income. In this Internet era, you can make money online with various ways such as blogging, freelancing and etc. And don’t forget to save a portion of your income to help you in the future!
How to Wipe Out Your Student Loans and be Debt Free by Martha Maeda is a handy guide for those just going into college and those who are already saddled with student loans. Her book is more about how to responsibly choose loans and ways to reduce interest and make payments easier. Get your copy now!