Combine Student Loans

8 min read

Sub: How to pay off student loans fast without taking out credit cards?

Find a job that pays well

Your best bet if you want to get rid of debt faster is to find a high paying job. A good place to start looking is at jobs boards online. You can often find listings for companies looking for people who have good writing skills. If you’re working full time, you should expect to make at least $50K per year. Even if it seems unrealistic to think about making that kind of money, don’t give up! There are many ways to increase your income beyond what your current job offers. If you have a hobby that you do well, consider selling goods on Etsy. Or maybe you enjoy doing photography. Maybe you know how to code really well. Whatever it may be, there’s something out there that you could offer an employer.

Start tracking expenses

Once you find yourself earning $150k+, you need to start keeping some records. Tracking your spending is necessary whether you’re a freelancer, stay-at-home parent, or work at Starbucks. Every month, take a few minutes to look back at where your money went. Did you spend $200 eating out? That $20 cup of coffee? Is it possible to lower those numbers?

Focus on interest only payments

If you decide to continue making monthly payments, then you’ll want to focus on paying down the principal, not the interest. When you first go into repayment mode, try to pay just the minimum payment. If you manage to do that, your total amount owed will decrease over time. Eventually, you’ll reach a point where you’ll be able to pay down the remaining balance. Once that happens, you can begin making larger payments again.

Pay extra when you can

When you’re getting close to reaching your goal, you may be tempted to stop making regular payments. Don’t fall into that trap! By doing so, you’ll reduce the amount of time you have left before you’re completely repaying your loan. Instead, you can delay your payments by several months. Then, once you’ve paid off your entire loan, you’ll still have enough money to live on while you save money to use for future investments.

Consider refinancing

It’s never too late to refinance your student loans. Most federal student loans allow borrowers to refinance their loans. Depending on your situation, you may be eligible for a different type of loan with a lower rate. You might even be able to get a private lender willing to help you out if you’re having trouble finding banks willing to lend.

Combine Student Loans

In-State Tuition Rate

When I applied for my bachelor’s degree, I was given $10,000 per year to pay for tuition, books, and housing costs. When I graduated, I had around $30,000 in student loans, which I paid back over 4 years at $500/month. As soon as I started working, I saw that paying back those loans was becoming increasingly difficult, but I knew that getting a higher education would help me achieve financial stability. By taking out private loan debt, I was able to graduate with almost no student loans. Instead of having $30,000+ in debt, I only had about $15,000 in student loans. That was a huge relief! However, I do think that it is unfair to expect students to take out these kinds of loans if they don’t need them. If we want people to pursue higher educational opportunities, then we shouldn’t make the cost prohibitive. People should have access to affordable loans, especially since many states offer free college.

Public Financial Aid

I remember being shocked when I first heard that many schools were giving away free money to their students. There isn’t always enough funding for public colleges, so the government provides some assistance. Unfortunately, not everyone qualifies for grants and scholarships. For example, I didn’t qualify for Pell Grants because I hadn’t been accepted to any specific programs yet, so I couldn’t apply for any financial aid. Since I didn’t know what kind of financial aid I could get until after I applied, I ended up financing school with private student loans. Luckily, I was fortunate enough to find a scholarship before I even enrolled in school. Now, I only owe around $40,000 in student loans rather than the $100,000 I was going to owe otherwise.

Federal Work Study Program

The federal work study program offers stipends for students who participate in certain extracurricular activities. To be eligible for this program, a student must be employed while attending school. Students cannot receive payments unless they have completed 20 hours of employment each week. Payments range between $0-$600 per month depending on the university. Most universities require that students have a minimum GPA of 2.75 to be considered for the program.

Scholarships

Scholarships are often awarded based on academic merit, sports achievement, artistic talent, leadership skills, community service, and other factors. Many high schools give out their own awards and scholarships to outstanding students. However, some private institutions award their own scholarships as well. For example, some universities provide full tuition scholarships, while others offer partial scholarships. Some people even donate their own money to fund scholarships. You might even consider applying for a scholarship sponsored by your local library or civic organization. The list of potential scholarships is endless, so keep yourself busy researching different avenues!

Private Loan Debt

If you decide to go to school, you should definitely borrow money to finance your education. But, you should never use private loans to pay off your undergraduate debts. Even though private loans may seem like an easy way to pay for college, they’re actually a bad idea. First of all, private loans aren’t regulated by the U.S. Department of Education, so there is little oversight ensuring borrowers receive proper repayment services. Furthermore, private lenders are more likely to charge high interest rates compared to federally guaranteed student loan providers. Finally, private loans can put students in default much easier than federal student loans. After all, if you miss a few payments on a private loan, you won’t lose your job; you just lose access to funds for basic necessities like food and shelter.

Free College

Some states offer free tuition and fees to state residents. These programs vary greatly in terms of how much financial aid each student receives. For example, Texas does not offer free tuition to its residents, but the University of Houston does. Regardless of whether you live in a state that provides free tuition to its residents or not, it is highly recommended that you explore your options to save money on future education expenses. For example, you might look into transferring to a cheaper school. Just keep in mind that you will probably have to take out additional private loans to cover the extra cost.

Summer Jobs

Most employers prefer hiring employees with experience rather than fresh graduates. So, if you want to increase your chances of landing a summer job, try submitting applications to your local community college instead of looking for a traditional job right away. Most community colleges offer good salaries and benefits packages, which are great starting points for building a resume.

Combine Student Loans

What does student loan mean?

Student loans are financial aid provided by federal government, states, school districts, private lenders, banks, etc., to students enrolled at higher education institutions. These funds are designed to help students finance their college education. In exchange for these funds, the federal government requires repayment plans that have varying interest rates based on income levels. The interest rate applied is often much lower than the credit card interest rate, thus providing a significant benefit to students who obtain them.

How many people get student loans?

According to the US Department of Education, $89 billion was issued in 2012. Of this total, $55 billion were guaranteed student loans, which are backed by the government if not repaid according to terms outlined by the federal government.

What types of student loans exist?

There are two major categories of student loans: Federal Direct Loan Program (FDLP) and Private/Alternative Lending Programs (ALPs). FDLP accounts for about 90% of all student loans while ALPs make up less than 10%. There are six different types of FDLP loans and they vary based on whether the borrower is going to attend public or private institution.

Private Alternative Lending Programs

These programs were created in order to provide borrowers with alternative options to traditional bank lending. Because of the risk associated with non-bank lenders, private alternative lenders generally charge higher rates than traditional lenders. However, they offer several benefits including flexible repayment options and lower application fees compared to traditional lenders.

Federal Family Education Loan (FFEL)

The FFEL program offers a fixed 5.6 percent interest rate to eligible undergraduate students attending any 4 year college throughout the United States. FFEL loans are given out in three forms: subsidized, unsubsidized, and PLUS.

Subsidized FFEL loans are offered only to those who meet eligibility requirements and have a family income below $80,000 per annum. Unsubsidized FFEL loans allow applicants with no specific income restrictions. If a student decides to borrow under either of these programs, they do not need to pay back the principal until after graduation and 6 months after leaving school. After this period, the remaining balance becomes due immediately without further payments.

PLUS loans offer a fixed 8.25 percent interest rate to those whose families earn between $80,000 and $120,000 annually. Similar to subsidized loans, PLUS loans require a minimum monthly payment, regardless of how long the loan is taken out for. As soon as the grace period expires, the remaining amount becomes due. Unlike subsidized loans, however, PLUS loans cannot be extended beyond 9 years.

Unsubsidized FFEL Loans

This type of loan is subject to income limitations and is issued without regard to the applicant’s earnings history. Its interest rate is set at a variable rate determined by the market, which may change each month. Interest paid on subsidized loans is tax deductible, whereas interest paid on unsubsidized loans is not.

Combine Student Loans

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Combine Student Loans

What do you get if you combine $50,000 worth of student loans?

$100,000!

Student loan debt is at an all time high, and many people feel like they have no way out. Well, we’re here today to tell you otherwise. We’ve put together a list of tips to help you pay off your student loans faster.

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