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What is the easiest way to alleviate student loans?

I am wondering what tips would be useful to know before I enter collage so I can pay off the loan before interest starts building. #financial-planning #loans #finance #student-loans


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Angela’s Answer

First try to only use students loans when absolutely necessary. Apply for scholarships, grants and if possible work part time to help pay for books, meals etc.

If you utilize student loans as soon as you get a job pay start paying them. Pay as much as possible and try to pay above the minimum payment amount.

A good budgeting rule is "Pay YOURSELF first." This could mean saving up the student loan payment before going out with friends but the alternative is falling deeper and deeper into debt while the interest piles up on your loans.

Lastly, when applying for jobs some employers office student loan repayments as an incentive to recruit and retain good employees. So look for or ask if that is an option when applying for jobs.


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Stephen’s Answer

You used to be able to file for bankruptcy and it would alleviate student loans. That is not the case and I do not recommend it. The best way is to use elbow grease, hard work and live frugally.


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