You may have the degree, but now here comes the student loan bill. How to get it paid down? Here are some really simple ways that you can own your degree free and clear without anybody charging you.
1. Live far below your means.
Even if you have a J.D. or a M.D., which are both highly lucrative degrees, the corresponding student loan tab, which is usually in the several hundred thousands, requires that you live in a dinky little studio apartment until the degree is really yours. Use the excess that you are not having to expend on housing and cars to pay down the loan, otherwise you will always be a slave to the bank, even when you are far into your high paying career. Move in with relatives. They will be happy that you are not always going to be coming to them for financial help after this period.
Though this may seem extreme, those who borrow become the slave of those they have borrowed from. Put your credit cards through the shredder. Go cash only. Do not, under any circumstances, contract new debts during this period. If it takes living in a slum, do it.
This is a highly effective way to pay down your student loan. The expenses in Mexico are about 3-5 times less than here. Use the excess to pay off your loans.
4. Negotiate with your creditors to see if they offer student loan forgiveness programs.
See if they will take assets in exchange for actual bills. They do not like having unpaid loans on their ledger, and neither do you. Remember that students are a protected constituency with a lot of political power. Leverage that fact to your advantage when paying your taxes and talking to your creditors. Have courage and be willing to be creative. Remember that cash is king to a creditor.
5. Get a degree that actually earns enough money in your future career to pay off the student loan.
Examples are medicine, law, finance, business, engineering, education, technology, and mathematics. If a degree is not financially rewarding, just go into the trades, and do not waste time on an education that will leave you a debt slave for your whole life. The list on this page will tell you the degrees that pay the most money once you graduate.Tags: featured