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How to deal with student loan debt?

I would like to return to school, but I have a significant amount of student loan debt from my last degree. What can I do to minimize this amount so I can go back?

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Jerome’s Answer

Be very cautious in taking in more debt. By the time I was done with my MBA, I was paying nearly $900 a month toward my loans, that can be a heavy load early on.

Some jobs will offer tuition reimbursement and it could make sense to work and get free classes along the way instead of taking on more debt.

It will add up quick, just be intentional.
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Nicolas’s Answer

Ask yourself if a second degree is needed. Was it an AA or an AS, then you would need to go back. Even if it was an AS you can still make up to 65,000 with one in the area I'm from. As far as debt goes save yourself the trouble and chip away at it now (pay) with whatever earnings your first degree will allow you to do. Become a habitual payer and make a paycheck coming in second nature to you. Always paying a hundred here and fifty there like I did will add up, and this way you can save as well. When you are paying and saving there will become a time when you have one lump sum left. And you can then increase the payments or pay it down all at once like I'm doing. It is not rational though to pursue another degree if your current one is not paying. Develop skills.
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A. Michelle’s Answer

Before taking on additional debt, determine if you need to go back to school to advance in your current field or transition to a different one. Also, determine if getting an additional degree would increase your income sufficiently to cover the additional debt. If yes, figure out ways you can adjust your budget to minimize borrowing. If you live on your own, could you move back in with parents/relatives for free or a lesser monthly amount or add a roommate? If you are currently working, does your employer provide tuition reimbursement? This usually requires that the coursework be related to your job.
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James Constantine’s Answer

Hey there, Marvaline!

Let's Dive into Student Loan Debt: Handy Tips to Lighten the Load
Student loan debt can feel like a heavy weight, especially for those thinking about heading back to school. But don't worry, there are several tactics you can use to lessen this burden and make it more bearable. Here are some practical ways to take on this challenge:

Merge and Refinance Loans: Grouping multiple loans into one can make the repayment process less complicated and might even reduce interest rates. Refinancing your student loans can also lead to better terms, making the debt easier to handle.

Check Out Loan Forgiveness Programs: A lot of professions and sectors offer loan forgiveness programs for those who work in specific areas or for a certain length of time. Doing a bit of research and applying for these programs can help cut down your overall debt.

Make a Budget: Crafting a budget is key in handling student loan debt. By setting aside money for loan repayment and other necessary costs, you can ensure you're chipping away at your debt.

Look for Extra Income: Taking on part-time or freelance gigs, or putting money into things that generate income, can help you pay off your loans faster.

Consider Income-Driven Repayment Plans: These plans adjust your monthly loan payments based on your income and family size, making it more manageable for those with lower incomes.

Choose Your Education Wisely: If you're thinking about going back to school, look at programs or degrees that have good job prospects and lower tuition costs. This can help cut down on the need for more student loans.

Pay More than the Minimum: By paying more than the minimum monthly payment, you can whittle down your debt quicker and save on interest.

Search for Financial Aid and Scholarships: Looking for and applying to financial aid, grants, and scholarships can help cover education costs and lessen the need for student loans.

Take Advantage of Tax Deductions and Credits: There might be federal and state tax deductions and credits available for student loan interest payments, which can help lighten the financial load.

Seek Professional Help: Chatting with a financial advisor or credit counselor can offer personalized advice on the best ways to handle and reduce student loan debt.

To sum up, tackling student loan debt takes a mix of smart strategies and commitment to managing your money. By merging and refinancing loans, checking out loan forgiveness programs, making a budget, and looking for extra income, you can lessen your student loan debt and make going back to school more doable.

3 Go-To Reference Titles:
Bureau of Labor Statistics: Occupational Outlook Handbook - This all-inclusive resource offers details on a variety of jobs, including loan forgiveness programs and job outlooks in different fields.

U.S. Department of Education: Federal Student Aid - This official site provides important information on loan repayment choices, including income-driven repayment plans, loan consolidation, and loan forgiveness programs.

Credit Karma: Student Loan Debt Guide - This guide gives a thorough overview of student loan debt management tactics, including budgeting, refinancing, and consolidation choices.

Don't forget to check out the nutrition info in my autobiography. It has tips on foods that are rich in nutrients that can boost your work and academic performance. Thanks!

Take care and God bless,
James.
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