If you have student loan debt from taking out student loans for college, you’re not alone. Student debt has become a huge problem for a lot of people over the last few years. Because of the current economic climate, too many people are having trouble paying off those loans.
Student Debt is Keeping People in Bondage
Total student debt has now exceeded the Trillion dollar mark, and there are no signs that it’s letting up any time soon. Times being what they are economically, it’s actually more likely that student debt will continue to rise even further.
So how did all this happen? Why is there so much student debt keeping people in bondage? It’s because the government has made it way too easy to get money for college, and too many people have gobbled up those loans without really considering the potential future consequences.
This easy money allowed more people to go to college (a good thing). Because of that, colleges had to hire more staff, build more classrooms, more dorms, etc., so the cost of college has grown way more than inflation has over the years.
Easy student loans have created a vicious cycle that has turned into a student debt bubble, much like the housing bubble.
What Can You Do About Your Student Debt?
So what can you do if student debt is dragging you down?
Well, just like paying off any debt that’s affecting your life, you have to decide to get intense about it and do everything in your power to kick that student debt out of your house for good.
The first thing you have to do is make a plan. It’s much harder to achieve any goal if you don’t first have a plan for achieving that goal. Decide on a date you want to have your student loan paid off, then figure out how much you will need every month to make it happen.
You may need to cut some things from your monthly budget (You do have a written budget right?), get a part time job, or sell anything that’s not nailed down (Here are some other suggestions).
Yes, it may be painful and difficult, but you’ll find that when you start making progress toward your goal, you will start getting excited about the process and discover that working those extra hours and selling that stuff in the garage you don’t use anyway are worth it. You will start seeing that student debt burden disappear much quicker than you had ever believed would be possible.
Do Something Different
Remember, the temporary hardship only lasts for a short time, but it will eliminate years, even decades of stress from those student loans hanging over your head like a Looney Tunes ACME Safe waiting to drop.
If you’re currently in school or getting ready to start, I want challenge you to do something different.
Find a way to work your way through school.
Even if you have to take a year off and work your tail off to build up some cash for tuition, it will be one of the best decisions you ever make. You will look back in 20 years and realize that you did a very smart thing. You’ll be happy that you’re not struggling with student debt alongside raising a family and trying to save for your future. You will be happy that you’re not struggling with student loan debt while your peers are still trying to get theirs paid off. (Read about 6 ways to start your finances the right way after graduation)
Resource: Debt Free U- How I Paid For an Outstanding Education Without Loans, Scholarships, or Mooching Off My Parents by Zac Bissonnette
When it comes down to it, if you have student loan debt, there is no way out of it except for paying it off. So get intensely focused, make a plan, and find a way.
Anyone can do it.
You may have to sacrifice for awhile, but it will be so worth it in the end.
Question: Have you had struggles with student debt? Have you paid off your student debt or gone to college debt free?
Tell me about it by leaving a comment.