Pay Off Your Student Loan Debts Fast

Pay Off Your Student Loan Debts Fast

If you’ve just graduated from college, the chances are that you are still on cloud nine. Your courses are done, you’re qualified in your field, and you have your whole life ahead of you. What you do next is totally up to you, and this freedom is exhilarating. You might want to venture straight into graduate school, or you might want to travel for a year, or you might want to volunteer or embark on some temp jobs before you commit to a career choice (this is currently me!) All of these are valid and worthwhile routes to take post-college. However, there will be a cloud of debt hanging over your head after the six month deferment period offered. Attending college and fending for yourself doesn’t come cheap and you want to see this debt shifted as quickly as possible. Read on to find out how you can do just that.

Boost Your Income

Even if you don’t have a full-time position yet, this doesn’t mean you can’t take a barista, waitress or retail vacancy. It doesn’t have to be your last job, but it could be the perfect job to help you clear some of your student debt. You might not be keen on heading back home as it can feel like taking a step backwards, think about moving back in with your parents for six months. Enduring some parental nagging is well worth it when you can then put nearly all of your money towards debt repayments. In a few years time when you are looking to buy a house, and your college friends are still paying off their student loans, you’ll feel confident in the choices you made.

Be Clever With Your Debt

If you have multiple sources of debt, the amounts and timings of the repayments can be mind boggling, and a default may occur out of confusion rather than a purposeful refusal to pay. To combat this, consider heading to a site like Consolidation.Creditcard and combining all of your debt into one monthly payment. You may be able to increase your payment each month and clear the debt faster. Making overpayments is also a good idea as this will always eat away at the capital and not the interest.

Side Hustle

As a student, you may well have collected tons of items of clothing, shoes, and books that you could now do without. Have a decluttering session and collect everything that you no longer want. Once a year, I turn to eBay and auction off my unwanted things, and what doesn’t sell, I donate! One person’s junk is another person’s treasure. Any money that you make can be sent straight into your debt repayment plan.

Leaving college is an exciting yet daunting time. Take your time when considering your future and look forward to the job you may get, and the friends you may make and the places you might see. Try to make your finances one less thing to worry about by using these simple steps to shift your debt fast.

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