How to Pay Off Student Loans?

  • March 2014
  • Posted By JohnnyG

One of the biggest stresses any college student has is of course their student loans. Depending on the type of degree you are looking for, you could be in school a minimum of 2-3 years, or up to ten or more. This can add up to tens, even hundreds of thousands of dollars. Most students simply can’t afford these costs, so they turn to student loans. Sure you can get subsidies, grants, and scholarships, but realistically, these only cover a fraction of the overall costs of higher education.

So how can you pay off your student loans? Most student loans are on a deferment program, meaning as long as you’re in school, you don’t have to pay on the loan. You can even defer payments after you graduate, if you haven’t found a job in field of your degree. The problem is that once you graduate, interest starts to go into effect immediately. It is important that you start paying on these loans as soon as possible, even before you graduate. Some loans are large, others are small. A college that offers in house loans are usually much smaller than federal loans, so start with these. You should make payments right away, as soon as they are officially in place. Try to pay as much as you can per month, the sooner it is paid off the better.

The first thing you should do if possible is try to find a better job with a higher salary. If you are working now, it is easier to look for another job than if you are unemployed. A lot of people make extra money in their spare time by donating plasma, and you can make up to $240 with this method. You can put this towards your student loans immediately. If you can’t find a better job, you can try to look for another job. It may be hard, shuffling jobs and going to school, but it is much better than having all this debt when you graduate.

There are a lot of other ways to make money to put towards your student loans. If you know where to look online, you can find a number of survey sites that pay actual money for doing surveys. Be wary of sites offering hundreds of dollars a day for surveys, this is unrealistic. You can however make $40-$50 a month and more doing surveys, it really depends on how many you do at a time, on a regular basis. While it’s not a lot, it is another loan payment. There are also writing jobs you can do online, if you find the right company.

Some people may have some kind of structured settlement. This could be from an accident, or a lottery winning, or from some other source. You may be getting payments on a monthly or an annual basis, and this could be what you are using to cover your regular bills. You can sell annuity payment to help pay for your student loans. You don’t have to sell all of your structured settlement, especially if it is helping you pay your bills, but if you have a large settlement or lottery winning, some of it can help pay your student loans, so you will have a lot less to deal with when you graduate.

When it comes to selling your annuity, you really have to shop around. You see a lot of commercials about companies selling your structured settlement, and it always seems they are saying you can get the most money back by using one company over another. These companies charge you for cashing out your structured settlement, how much depends on the company, and the amount you are looking to cash out. Shopping around help you get the most out of your settlement.


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