Recent Posts
Categories
- Bank Loan
- Bankruptcy
- Budget
- Children's Future
- Consumer Proposal
- Credit Cards
- Credit Counselor
- Credit Report
- Credit Score
- Debt
- Debt Collectors
- Debt Consolidation
- Early Retirement
- Financial Freedom
- Financial Literacy
- Financial Problems
- Financing For Renovation
- Gambling Debt
- Holiday Debt
- Income Tax Debt
- Investment
- Money
- Money Management
- Money Saving Tips
- online fraud
- Online Scams
- Owing A Car
- Pawnshop loans
- Payday Loans
- Refinance
- Running Out Of Money
- Save Big Money
- Saving Tips
- Secure Retirement
- student loan
- Tax
- Uncategorized
- Wage Garnishment
Archives
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- November 2015
- October 2015
- September 2015
- August 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
Feeds
3 Tips To Pay Off Student Loans Faster
North America is in the midst of a student debt crisis. The exorbitantly high cost of post secondary education and a job market where repayment often takes years to complete means that student loans tend to follow people around for a depressingly long time.
Pursuing a masters or other graduate degree often comes with the foreknowledge that you are committing to a life of indeterminable debt servicing. If you are about to graduate or have already done so, here are a few tips to pay off your student loan faster:
Continue living like a university student. Just because your post-secondary days are now behind you does not necessarily mean the lifestyle is. Continuing to live frugally is important after you graduate so your loan is not following you around into middle age. That one-bedroom loft right in the heart of the fashion district may have to wait until you can really afford not to have roommates.
Use public transportation. Being a new graduate, the newfound freedom and entry into the professional world, or at the very least, the professional job market, seems like an excuse to celebrate, and it is. However, in keeping with the theme of frugality mentioned above, a brand new shiny car to commemorate the new chapter you are starting is probably not a prudent investment given most people’s immediate post-college financial situation. Aside from being a more environmentally friendly option, public transportation is probably the best thing for a recent graduate’s wallet.
Automate your payments. Automated payments are a great way to declutter your life. Bills that have to be paid one way or another can be set-up and linked directly to your bank account so that money is automatically withdrawn every month, eliminating one more thing off your monthly to do list.
Being a recent graduate can be as stressful as it is liberating. Knowing that you owe a large sum of money to the government or private lender that is not going to pay itself off overnight can weigh on your psyche. Follow the above steps for faster student loan repayment and get back to being debt free.