Student Loan debt sucks…
Trust me, I know! With all the news talking about loan forgiveness, Navient forgiving personal loans, etc etc….it brought up my memory of actually paying off my student loans. I attended a 4 year University, as did my wife PLUS a Master’s Degree! Thanks to how much college costs, roping in room and board…you will most likely stick yourself hard with student loans, and likely never feel like you are going to pay it off.
Student loans will put off buying a house, getting a decent car…I mean…they can put a pause on life…I GET IT! I WAS THERE! But, one day my wife and I said ‘enough of this…’ We buckled down, figured it out, and came up with a plan to attack the loans heavily. Now, I get that not EVERYONE has this option, or live paycheck to paycheck…but there are things you can do to either make it easier on you or PAYOFF them completely.
- Stay patient.
Face it, you ain’t gonna pay these things off tomorrow, 2 years, or even 5….but it’s much better than paying them off in 10 or 20 years. It’s better to have a plan and realize ‘Maybe not today or tomorrow, but sooner than later.’ Why keep giving these loan companies MORE money in interest? Basically paying rent on debt? Screw that man.
- Do the ‘side hustle’
My wife and I donated plasma, bonuses from jobs, gifted money…you name it? We found ‘other money’ to pay off the loans and really? You can too! Instead of buying take out food? We ate at home! Plasma was probably our biggest though as sometimes they would do extra money bonuses where we could get $600 a month! Do the math, 600 + 600 = $1200 STRAIGHT onto the loans! How about this, 1200 x 12 = $14,400 on the PRINCIPLE of the loan. Got time for a second job? There are THOUSANDS of jobs right now….even side gigs like Uber Eats where you can get tip money just for driving around food! Are there gonna be times your gotta wake up 2 hours early to get to your plasma donation time so you can make it to your regular job on time? Absolutely, but the work pays of….trust me.
- The Need VS Want
Probably the biggest advice I have is here. Take out food? New video game? A newer car? We WANT a lot of things! But really, you don’t NEED much in this world. As long as you have a roof over your head, you can feed your family, and the car has gas in it? You’re better off than a lot of people out there. That’s not to say you can’t indulge here and there, but there are better ways to do it. Good example is that we loved going to the movies, Marcus Theaters has $5 Tuesdays where even popcorn is cheaper…so wait a couple days to see the BIG movie, and save a bundle. Video Games these days cost $60 on Day 1 right? Wait a couple months, and that game will GUARENTEED go down 25% in price. I drove that 2000 Jeep Cherokee for 9 years and I never took out a loan on a car UNTIL I paid off my loans and really? That Jeep could have kept going. When those loans are gone? Then go crazy, but don’t dig yourself back into a hole.
- Don’t just sit around.
There is rumor that loans could be forgiven, but…you have to be prepared if that doesn’t go through. Meantime, your loan is gaining more and more interest, costing you more money, and costing you more time of your life. Don’t just sit there, get it done…and if they DO somehow get forgiven? Well lah-di-frickin’ da….but again, what if they don’t? May as well be ahead of the game.
- CONSOLIDATE!
Did you take out federal loans? Chances are…you have 9 different loans from 13 different lenders ALL with different interest rates. I remember just ONE of mine has a 12.1% rate, that is F&(#in’ insane! Many banks and even websites like SoFi can bundle all that crap together, give you a SINGLE interest rate and lower base payment, plus a feeling of ‘control’ over your money. Consolidation worked AMAZINGLY for me, if you are still paying federal loans? At least look into it and see if it could help.
- In closing…
I am not a financial genius, and I am also not you….everyone has different beliefs, priorities, and lifestyles….this is just what worked for me, and even if you don’t follow what I did? Maybe you can find your own way of getting the student debt monkey off your back. But thanks to paying off those loans? My wife and I’s only debts are a mortgage & car payment…which I apply the same rule here to my car payments. I’m not cheap with money, but I do know how to control it.
You can do this, you just need to buckle down and discipline yourself. Take control of your student loans, don’t let them control you.
