Most grads treat student loans as a terrible backbreaking burden that can torment you for several decades. They see receiving and repaying student loans as a lengthy and tedious process. Fortunately, there are few techniques to get you out of student loan debts in a classy and speedy manner. In this article, you will get a comprehensive insight through five strategies that will help you pay off existing loans as quickly as possible.
Strategy #1 – Know Your Rules
Before you decide to tak a student loan, you must be aware of its golden rules. Never decide on a loan because your friend or relative choose it! Always borrow loans that are classed under the Federal program. Sometimes, it would be wiser to stay away from private student loans completely. Also, don’t take loans that would charge you more than what you would earn during the first year of your job! This is a smart way of finding and filtering loan programs. If you are financially unstable, you should kick start with a community college degree. This will save you several thousand dollars.
Strategy #2 – Choose Proper Degree Programs
To keep your college education cost low, you should search for 10,000 USD degree programs. For instance, Texas has a special system to deliver standard 4-year courses at a tuition fee of 10,000 USD. The courses are on topics like business administration, engineering, leadership and teaching. Universities that participate in this scheme are: Texas A&M University-Commerce, University of Texas, Arlington and Angelo State University. Similarly, decide on schools like the Massachusetts Community College that lets students with promising GPAs qualify for a free senior or junior year.
Strategy #3 – Enjoy On Campus Work
One of the finest ways by which you can cut down student loan debt would be with the help of on-campus work! Many students have made reasonable amounts of money by working within the campus. Indeed, it is an interesting way of making a living during college days. According to recent findings, students can save up to 12,000 USD by working on campus.
Strategy #4 – Using Unusual Scholarships
Moving on, you should search for unusual scholarships. Do you know that scholarships can be as unique and interesting as the people themselves? Unusual scholarships will help you remove a hefty amount of money from your loan.
Strategy #5 – Student Loan Forgiveness
Once you complete college, you should seek for student loan forgiveness. Based on your job and lifestyle, you will receive loan forgiveness. Common loans like Grad PLUS, Federal Stafford, Direct Loan Program and Consolidation Loans have a forgiveness period after 10-years alias 120 qualifying payments. Unfortunately, private student loans are not eligible for loan forgiveness. If you have a Federal Student loan, you should try and cap on at 15% your income. This is when your loans will be forgiven after 25-long-years. To know more about capping and debt forgiveness, you should browse through www.studentloans.gov. Similarly, you can seek for loan forgiveness by homesteading. This is a simple strategy followed by many Native Americans. Homesteading will help you exempt 15,000 USD from the student loan debt and save you from high state income taxes.