Fresh out of college and looking for work, what could be more beautiful than that? Not having to deal with your student loans. The crippling debt you accumulated over the course of your studies is the first discouragement you will receive in life. Unless you start planning ahead and come up with an easy financial plan to follow and to crawl back out of your loans, or follow the next 5 tips to get there.
- Start Paying Back While Still In College
Although it might be hard to think about paying back loans while still in college, it will be a necessary evil. Yes, it will ruin some of your chances to party and to experience life at the campus as it should be, but in the end you will be thankful. And, you will have less debt to worry about.
- Snowball out of Your Debt
Before you fall into depression, make sure to sit down and calculate how much you earn and what you can spend on your loan. Understand that this will be a long-term plan, and that you will work your way out of your debt eventually. You need to grasp the idea of handling loans on a step-by-step basis, making sure to add the money you spent on one loan to add to another, when you paid it off. Effectively snowballing your way out of it.
- Opt for Financial Help
Nobody likes to go to the bank, mostly because you always come out with less money than you went in. But, if you feel the loan getting to you, it will be necessary that you seek financial help. Luckily, there are a number of student loan repayment plans you can sign up for. They will still make your life a hell, but the sooner you start, the faster you will get back to that positive zero balance on your account.
- Volunteer to Get Back Help
You can donate your time to a valuable cause and get something in return. Major volunteer organizations are always looking for a helping hand, and in return you might get either cold hard cash, or some deduction from your loan. It will not be pleasant, but it will not be worse than having to deal with your loan for the rest of your life. Think of it as an adventure.
- Your Luck Might Save You
Desperation can make you act irrationally, but before you get to the low point, be sure to sit down and think through your situation. In the meantime, start playing slots, as it can be a fun way to blow off some steam, and you might end up winning decent money. If you do start making some money, be sure not to spend it all at once, but to put some aside, and use the remainder to keep on playing. Sooner than you realize, you will be paying your student loan back
Whichever method you choose, be sure to avoid the loan getting to you, as it can get you depressed as well as suck the will out of you. Pay back as much as you can each month, before the interest rate consumes you completely, and marks your student loan as the biggest achievement in your life.