Creative ways to pay off your college debt

ADVERTISEMENT


College debt is not something that is easy to clear, but it is something that all students are going to have to deal with. You have to understand that student debt mounts up over your time in college, but you will need to start paying it back eventually. This can be one of the more daunting and panic-inducing parts of the college process, but you needn’t panic too much about it right now.

It’s important to realize that you’ll need to repay the debt eventually, and also look at creative ways of paying off your debt as much as possible. There is more than one way to skin a cat, as they say, and, the more creative you can get, the less daunting this whole thing will seem. Get a load of these creative ideas that we think should be used to start paying off your college debt.

Income-based repayment

One of the most popular forms of repayment for college students seems to be the income-based repayment plan. The reason this is so attractive is that it is based on how much you actually earn once you start working. So the repayments are done proportionately, and you don’t need to worry about repayment demands. Also, it means that there are exemptions for those below the poverty line, and people who aren’t earning enough money to make repayments just yet. This is one of the most popular and common forms of repaying your student debt.

Kansas rural opportunity zones

This is a more unique one, but something a lot of people have considered. The state of Kansa is trying to combat a decline in population by encouraging people to come live in the more rural areas of Kansas. One of the big incentives they are offering postgraduates is that they offer repayments toward student debt. Now, this is a great way of getting some of your student debt canceled out while you’re in Kansas. You may want to look at the small print as some of the rules and details can be a little complex, and you will need to spend a certain amount of time there. But, there are worse places to move than Kansas, and you benefit from having a chunk of your loan paid off.

Use unexpected money

We all have occasion in our lives where we might come into some money that we were not expecting. This kind of windfall could be something like a tax return, a refund, or a lottery win; no matter what it is, it’s important that you use it. Unexpected money is extra to what you would normally have, so it allows you to pay a chunk toward the debt without adversely affecting your regular finances as well.

Start repaying while you’re still in college

This is one of the things that so many people overlook, and it can get you off to the perfect start. If you can get a part-time job while you are still in college, you’ll be able to start making repayments as early as possible. You have to understand that the longer this debt is active, the more interest it is going to accrue. If you want to avoid spending more money than you have to, we would advise you to start making payments as soon as you can.

These are some of the best and most creative ways of reducing and repaying your student debt. The problem is that a lot of people don’t start making payments until a long time after they’ve left college, and, by this stage, the debt is larger than it would have been. You don’t want this to be hanging over you your entire life, so make sure you start making repayments as soon as you can.

ADVERTISEMENT