Awhile back we asked our readers to submit tips on how they have been repaying their student loans. If you are a post-grad, maybe some tips from your fellow CollegeWhale readers can help give you some ideas on quicker ways to dump that student loan debt:
1. Part-time Jobs
Many of you stated that you had picked up weekend or night jobs in order to have extra spending cash, or double up on student loan payments and pay them of quicker.
Some of you stated you made the move to a smaller place, saving money on rent, and allocating those extra funds to your student loans.
3. Freezing 401K or IRA Contributions
We were surprised to here from some of you that you have opted to hold off on contributing to your 401K or IRA in order to double up on your student loan payments. This tactic is very situational, so we recommend you check with your financial advisor before swapping out these investments.
4. Utilizing Loan Forgiveness
Those of you who are teachers, doctors/nurses in a less privileged area, etc. stated you were taking advantage of the loan forgiveness that some of these jobs can offer. Loan forgiveness has many stipulations and not everyone is eligible, so please do your research before making a career change to benefit from this.
5. Peace Corps
One of our readers had joined the Peace Corps, and is receiving money towards his student loans for 2 years of service.
6. Careful Budgeting
The most popular response from our readers, was the simplest, budgeting. There is no magical way around repaying your student loans. Making a budget, and smart financial choices is always the best bet.