• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

These Tips Will Help You to Pay off a Student Loan as Fast as Possible

April 12, 2018 2 Comments

Share this:

  • Tweet
  • Email

The dream of every student who is haunted by a student loan is to pay it off as fast as possible. How exactly can you achieve that? How to Pay off a Student Loan as Fast as Possible?

Pay off a Student Loan

What do 25-, 35-, and 45-year-olds have in common? They all are still paying off their student loans. Apparently, you can never be too old to be in debt to your alma mater in terms of your precious knowledge and financial pit.

All of us are mature enough to realize that it`s just a part of the system that can`t be avoided. If you want to get a highly paid job, you need to graduate from a university.

And in order to do that, you can either sell all vital organs (and it still won`t cover all the expenses, so don`t do that) or sign up for a 10 to 20 years contract with the devil himself.

There is no need to cry over your troubled situation, millions of students are going through this, but not all of them help you find the right repayment strategy.

You`re a lucky one, we`re going to spill all the details. What is more, we won`t even let you get expelled from the university, because in this case, your money would just go down the drain.

Each time you don`t submit your home assignment, the chance of you getting kicked out skyrockets.

Whether you`re still a student or you have graduated some time ago, you`re definitely going to need some advice on paying off that student loan.

Face the Horror

There is this weird peculiarity of human nature: we`d rather stay unaware of certain negative information than face it with courage and dignity.

We`d prefer not to know how much money is left in a bank account until the buzz goes off at the supermarket when you`re trying to pay for something.

The same is with the student loan.

Tell me right now: what`s the sum that you owe?

Not many of you will be able to answer straight away. Unfortunately, students don`t pay enough attention to their financial status mainly because it evokes negative emotions.

However, in order to pay off everything as quickly as possible and forget about your debt forever, you need to know for sure how much you have to pay, how much time it will take you, how much money should you save on a monthly basis and how you can make the whole process more effective.

Do some calculations, face the truth, the main point is that you have to be aware of the financial situation you got stuck in.

40-Hour Workweek? That`s for us!

Rich and successful people usually stick to the following plan: in order to become wealthy, you shouldn`t think about how to save money, you need to think about how to earn more.

We`re going to take this tip and combine the two concepts so you can say “bye-bye” to your loan very soon. To earn more, you need to work more.

If you`re a student, you can take some shifts at a local restaurant or work as a freelancer.

For now, you may not be that thrilled with this idea, because it`s the best time of your life and you want it to be as careless as possible. But you`ll thank us later, trust me.

When you graduate and start working full-time, 40-hour work week won`t get you far on the road of paying off a student loan. Consider switching to 50 or even 65-hour workweek.

But you have to always listen to your mind and body. Not all people are physically and mentally capable of keeping up with this pace.

However, you`d better still consider this option, because later on, you may start a family and you won`t have time to work so much.

Choose the Workplace That Is Willing to Help

If taking some extra shifts isn`t an option, perhaps you`ll find the following suggestion more suitable. There are companies which take care of the employees to the extent that they are helping with the student loan.

The HR-managers usually mention this peculiarity in the job offer announcement. More and more brands that are mostly hiring Millennials are providing this kind of assistance.

PricewaterhouseCoopers`s contribution, for example, goes up to $1,200 annually. That`s what I call taking care of your employees!

Living with Your Parents May Not Sound Like a Bad Idea Now

You must have heard about this tendency that more millennials choose to live with their parents up to their late twenties. Enormous student loans are one of the reasons for such a necessary measure.

Needless to say, the devilish rent prices are devouring a massive part of your budget, so tell your parents that as a loving child, you can`t let them feel lonely and you`re going to live with them for a couple more years.

Luxury vacations, designer clothes, an expensive car, unfortunately, are not something that you`ll get your hands on anytime soon, but you should always think in advance, remember about your mission.

Cutting expenses may be harder than it sounds because when you get your first real full-time job, you don`t feel the full control over your income yet and some unnecessary purchases may come along.

Use helpful apps in order to control your money.

Refinancing: Sounds Complicated, So Let Me Explain

When you sign up for this horrible, yet unavoidable burden called the student loan, you determine the term, the sum of money which will be paid on a monthly or an annual basis and the interest rates.

After you finish your studying you can refinance the cost due to your stable high income or any other reasons (what if you win a lottery?).

This measure may reduce the interest rates and will allow you to pay off the student loan much faster.

Most of the lenders won`t charge any additional costs for this financial operation so you can just fill in an application and become a free person not in ten, but only in five years. Now, the student loan doesn`t look like that heavy burden after all.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« 6 Tips for Paying Off your Credit Card Debt Faster
Learn Before You Start Stock Investing »

Comments

  1. Troy Bombardia @ Bull Market says

    April 17, 2018 at 4:30 PM

    I think the student loan crisis will explode during the next recession. I was lucky enough to graduate without any student loans, but many of my friends weren’t. Nowadays you need an undergrad degree just to get the same entry job as people did 30 years ago without a degree.

    Reply
    • SB says

      April 24, 2018 at 8:52 PM

      Very well said! I see jobless even after doing graduation. soon we will have masters manning the cash counters for big grocers. Well, just saying. So use your money well and be sure what you want to do once you come out of college. You need to pay back that big loan!

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media