For most college graduates their student loan payments will follow them until near retirement. While some will suffer under the inability to keep up with payments, many more will simply spin their wheels each month barely covering the costs of repayment. If you are one of the lucky ones to have been able to avoid debt default thus far, here are a few ways to chop down that student loan debt faster than traditional repayment:
1. Start a donation fund — with online sites, such as crowdfunding.com, people from all over are taking to the internet to raise money for their cause. Why not yours? It is relatively free for you, but could gain you some additional cash for paying down those student loans. One way to encourage donations from internet-goers is to have a reason for people to support you, such as volunteering your time or giving back to the community. Being an honest and contributing member of society might just pay off more than that good feeling you get from helping others.
2. Ask for cash instead of gifts — each year your parents and grandparents get you a gift for your birthday or holidays. Instead of something tangible like an ipad, ask for cash instead. Keep a savings account or make these payments right away to your student loan lender. You might be surprised how quickly a extra hundred dollars a year in cash gifts can reduce your student loan debt.
3. Use refunds wisely — most of us are lucky enough to get a tax refund each year. Instead of using that money for a night on the town or those new shoes you wanted, put that money towards your student loan repayment. The same goes for refunds at the store. If you bought something and decided to return it. Take those few dollars and roll them into a savings account you can use to go towards extra student loan payments.
If you are one of millions affected by high student loan balances you cannot afford to pay, contact a student loan lawyer right away. There are options for lowering your payment, halting penalties and interest fees, and even finding forgiveness for your loan balance.