Ahhh, student loan debt… the bane of college and university students’ existence. It’s a weight that can bear down on your shoulders even as you enter the workforce and the years go by.
Many students and/or the parents who are paying for tuition can get behind before they even get started, and it may seem impossible to get ahead.
But it’s not all doom and gloom – there are a few things you can do to at least eliminate your current debt load.
We’ve got a few helpful tips to help eliminate student loan debt and make financial life just a little bit easier.
1. Make lump sum payments toward your loan.
- Instead of waiting until the interest starts kicking in, proactively make payments now. Take advantage of paid co-operative programs at your university and use part of your income to pay down your loan.
2. Set a timeframe.
- Make realistic goals for yourself once you’ve graduated from university. If you’d like to save for a down payment or buy a car, start paying down your student debt now. That way you’ll have extra income for the things you really want later.
3. Get to know your student debt.
- Not knowing much about your loan details is like going on a blind date without checking him or her out on social media or Google.
Many students live in the dark regarding how much they owe and when they have to pay. Get in contact with your institution and figure out a plan. That way you can set realistic goals for yourself in the future.
4. Be resourceful and don’t procrastinate.
- Many businesses and organizations give out yearly awards and bursaries. Be resourceful and educate yourself on what’s available in your community. And of course, don’t put off your student loan debt as if it’ll somehow go away if you ignore it.
By taking a proactive approach to managing student debt, you can free yourself from those shackles sooner and get on with other financial aspirations. Your future self will thank you. Just not right now, because, well, time travel hasn’t been invented yet.