Ways to Pay Off Student Loan Debt
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Ways to Pay Off Student Loan Debt

Posted on Tuesday, April 2nd, 2019 at 7:00 pm
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Student loan debt can be a big burden. There are many ideas about how to pay off student loans. Not every idea will work for everyone. It all depends on your individual financial situation. Here are some options to consider. 

Automate Your Payments

State Farm suggests that you automate your student loan payments. Start making payments right away, so you can whittle down the student loan debt as quickly as possible. 

The biggest benefit from doing this is that you cannot accidentally forget to make an automated payment. The risk is that your current financial situation might not enable you to have enough money in your bank account for that automated payment.

Use “Found” Money

Nerd Wallet recommends you use “found money” on your student loan debt. When you get a raise, or a bonus, put that “found” money into your student loan debt. The advantage of doing this is that you can chip away your student loan debt without taking the money out of your budget.

The disadvantage of this idea is that you probably won’t get a raise or bonus as often as you would need to in order to rely on it to pay your student loan debt. In that case, Nerd Wallet recommends you put away any $5 or $10 bills you receive toward your student loan debt.

Consolidate Your Student Loans

Forbes points out that it may be possible to consolidate your student loans. Some people are able to consolidate their existing federal student loans into a single Direct Consolidation Loan.

The benefit of doing this is that it takes multiple monthly student loan payments and turns it into a single monthly payment. The down side is that one monthly payment might be higher than the average amount of your multiple student loan payments.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.