8 ways to pay down student loans- msn money

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5/5/13 8 ways to pay down student loans- MSN Money

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8 ways to pay down student loan sThe a verage student loan debt for a 2011 gradua te is e xpected to be $22,900, the mostever.By Kar en Datko Sep 15, 2011 7:10PM

The burgeoning s tudent loan debt in the U.S. has caused s ome to wonder if it's a crisi s in waiting. Some think thecrisis is already here. Student debt increased by at least 10% in each year of the first decade of this century, due in no sm all part to risingtuition costs, according to a Moody's an alysis (.pdf file). The am ou nt of Americ ans' student loan debt now exceedsthe total owed on credit cards. The average student loan debt for a 2011 graduate is expected to be $22,900, the m ost ever. And Moody's studysugges ts that those who en tered college during the Great Recession an d its lingering aftermath are increasinglylikely to default. Those who do pay will have less m oney for other life pursuits, such as buying a home or s tarting afamily. It's scary stuff for new grads . But here are a few s uggestions:

Figure out h ow muc h you owe an d to who m. Now you ca n budget ap propriately and explore whether loanconsolidation make s ense. (That budget should include enough s avings to build an emergency fund andmoney se t aside e ach pay period for retirement -- at leas t enough to qua lify for your emplo yer's 401k match.Hey, no o ne said life after college would b e easy.)Con tinue to live li ke a s tudent . This tip -- my personal favorite and on e I used back in the day - - comes fromDeliver Away Debt, the blog of a guy who's made a nam e for hims elf by chronicling his pizza d eliveries.

Unless you've been using your student loans to live like a king, you already know how to be a pauper. Thatfrees up m ore mon ey to pay off debt.Avoid other debt. You're in no po sition to buy a house or a new car. If you need whe els for work, use that goodcredit you've establis hed by paying your student loans each mon th on time to qualify for a us ed-car loan at thebank or credit union -- if you don't have cash for a car.Get a second job (assuming you have a first one). Jeff Kosolaat Deliver Away Debt said h e ma de up to$1,800 monthly delivering pizza for 22 hours every week.Pay the student loans off as fast as you can, particularly if you have a high interest rate. You will li kely havean option of several payment plans. However, less time means less interest you'll owe on the am ount youborrowed. Just make s ure that any extra amount goes to the principal and that there is no penalty for paying off the loan early.Find every advantage. If you can get a lower interest rate by setting up automatic payments, do it. Someprograms reward a track record of on-time payments.Will your employer help out? Some private employers will help you with loan payments, so as k. Working for the government and in s ome other public se rvice jobs may qualify you for loan forgiveness .Inquire about hardship status if you truly can't pay. Getting the debt wiped out is extremely difficult, but youmay be eligible for deferment or forbearance. "Financial irrespons ibility is not a le gitimate claim for hardshipstatus," Deliver Away Debt warns. Post continues after video.

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Of course, the best way is to avoid over-borrowing in the first place. For instance:

Limit your tenure in school. Rare is the student who can a fford to dally, dragging out a four-year program intoa fifth year or more. With careful planning and som e high s chool advanced-placement classes under your belt, you can complete a four-year program in three years. (It wasn't fun, but I did it.)Attend a school that provides good financial aid. Rare is the student who pays the s ticker price for tuition, butsome schools a re more willing to help out than others. (One reason I continue to donate to my alma mater each year is the percentage of the gift that goes to s tudent aid.)Tap every resource. Lots of s cholarships exist. Apply for the ones whose criteria you meet. And if Grandma or a well-off childless aunt wants to help out with expenses , let her.Use the student loan money for what it's intended. I know someone who borrowed to the max to fund anadventure living abroad after the overseas s tudy program had ende d. Last I heard, bill collectors were stillhounding him.

Why should you repay the loans, you might ask. Answer: You have to. Student loan debt can't be discharged inbankruptcy. One way or another, your creditors will get their due -- garnishing your paycheck, taking your tax refundor taking you to court.

More on MSN Money:

Student loans: A crisis in waiting?US News' top colleges for 2012Will I be able to pay back my student loans?6 reasons not to save for your kids' collegeHow much shou ld I be saving for college?

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YourVoteDoesNotCount Sep 22, 2011 10:39AM

Umm, I would like to know what school these students are going to, to only be 25k in debt. I had topay my way on my own and I am 115k in debt from school. My monthly payment is around 930 amonth. If I consolidate, I pay more in interest rates and I pay longer. Instead of making paymentsfor 10 years I would be making payments for 30. What's really sad is that Institutions in this countryas well a s the government allow foreigners to come here and go to school for free. Everyone fromevery country abroad is finding away to milk the money away from the Amer ican Taxpayer. Its timewe stand u p and stop paying taxes that allow everyone else to live a free life.

118 10 Replies (0)

Big McIrish Sep 22, 2011 7:44AM

I don't know who Ms. Datko surveyed or got her resea rch from but she i s WAY off her mark. Loansare more li ke in the 100K mark when they graduate. Maybe she mean s $22,900 per year!!!

76 10 Replies (0)

Graduated Student Sep 22, 2011 10:11AM

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Some of these tips this article points out may be helpful but I disagree with m ost of it, if it works for you good, great, grand, wonde rful. Most of us out there had to actually WORK while goi ng toCollege, it wasn't all beer , pizza, and b!tches on the weekends for US. SOME of us actually had toWORK FULL TIME while going to school, so yeah maybe you can graduate in 3 years because you

are taking 26+ credit hours when you don't have to work because you have Grandma to live off of or an Arby's-eat-our-sh!t-and-get-an-educatio n-gran t. So SOME of us actual ly had to accrue other debtto SURVIVE. For SOME of us out there, College did NOT come eas ily and we had to retake a fewclasses , possibl y because we were working 50+ HOURS a week at our JOB to pay for RENT,TUITION, BOOKS, etc. MANY of us graduated in one of the worst recess ions i n recent U.S. his tory.My point? I have student loans . I have other debt. I have a hous e payment. I have a car payment. I

71 12 Replies (0)

sn10110 Sep 22, 2011 9:11AM

average debt $22,000 try $40,000.....4 year degree working 2-3 jobs to get by. My loans are thesame as a house p ayment and utilities. Oh and they wont do anything to help I can consolidatebecause of the type of loan I cant reduce my payments.... I cant do anything so now im trying to raisea child on m y own with 3 jobs and I am still just getting by. Maybe I should just go on welfare :) I canget everything paid.... money handed to me..... food...and then I can have some time to spend withmy child instead of him sitting in a daycare all d ay while i try to get by. 4 year degree and I ma ke 1dollar more than m inimum wage for every year in college and now i am 40,000 in debt. Somethingswrong with this picture!

58 7 Replies (0)

VDW117 Sep 22, 2011 3:25AM

These solutions do not work for me. I have deferred my student loans so ma ny times because Icannot pay the full amount every month. Right now, that is that largest monthly bill I have after myrent. Unless I change careers or com e into som e kind of money, I will be paying my student loansoff for the rest of my life. I do feel like it's beneficia l to have an education, but it shoul dn't cost somuch!

54 6 Replies (0)

olechevyguy Sep 22, 2011 7:08AM

You men tioned getting through school as quickly as pos silbe. Here's another tactic. WORK your way through. My financing was with a credit union. I borrowed enough for a sem ester and thenrepayed that while I was going to school. It took me six years to get my BA, but at the end of it all, Ionly owed for my final seme ster which I paid off the following s umm er. Yes, it took longer to hit the

job market, but I did it free and clear!

50 3 Replies (0)

Give me the facts Sep 22, 2011 9:48AM

Student loan debt is a huge debate... and I feel for those who have large amounts, but I feel thereare things peopl e can do to put themse lves in a better position to pay them off. I'd like to add a few
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points to the article. Please note that my wife and I had a combined $80k-$90k in student loanswhen we g raduated and will be free of Sallie Mae tomorrow after our final payment.

1. Get an internship/Co-Op: I'm in the engineering and ma nufacturing industry (probably one of thehardest hit industries by the economy) . I'm 25 and hold a full time job with a profitable company90% of you have heard of. The reas on? I landed a Co-Op during my college years that had me goto school one semes ter, work a semester, go to school a semester, work a semester, and so on.Not only was I making $12-$13 pe r hour, I got tuition assistance as well. I took online class es

52 11 Replies (0)

Someone (rb3868) Sep 22, 2011 11:01AM

The laws regarding student loans are a violation of the "equal protection" clause. Any other debtcan be dealt with through bankruptcy. Even tax debts can be paid off for cents on the dollar. So youget all this debt, trying to better yourself and contribute more to society and then can't get a decent

job because they've all been outsourced to China or India -- even "profess iona l" careers. Someoneelse gets an equivalent amount of credit card de bt - borrowing for vacations, concerts, extravagentmeals . Someone else builds up $60k in unpaid taxes. The fool spending on the luxuries he/shecan't afford can wipe it out. The IRS will settle the $60k for $6k. The stud ent loans? too bad. Youhave a mortgage for the next 20 years, with nothing to s how for it but a pie ce of paper

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j (dds2011) Sep 16, 2011 8:38PM

My wife graduated me dical school with 250 K in loans. I graduated dental school with 250K inloans. She no w gets a resident s alary for the next 3 years o f 45K/year. Before people start crying about the current price of healthcare, realize my wife and I have half amillion in debt before we even started working. That's a lot of money we need to pay off...now youmight have an idea why healthcare costs a re skyrocketing.

And by the way, these 8 ways/sugge stions for paying down deb t are comple tely worthles s/commonsense.

42 2 Replies (0)

Sweet Suzi Sep 22, 2011 4:54AM

How to PAY DOWN your STUDENT LOAN?Have you Mommy or Daddy be in Congress !! Then you do NOT have to PAY!!

47 9 Replies (0)

BCoronet Sep 22, 2011 7:41AM

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So what if you can't find employment? What if you can't live after the student loan sharks take 100%of your unemp loyment and this is after consolidation where they continue to compound highinterest rates! The real s tory are the despicable private student loan companie s who rape students.

As a family of co-sig ners we a ll have offered to share the bu rden with the company if they woulddrop their eye-popping $1400 a m onth repayment schedule to a do-able am ount. I was told to sellmy house, to borrow money, to work as m any jobs as I could get (in this recession, right. I'm lucky Ihave a first job) o r to even cash out retirement funds to meet the $1400 m onthly payment. After explaining that in order to keep m y profess ional job I had taken a pay cut and had no t had a raise in4 years, they still would not rele nt.

38 6 Replies (0)

Necessary Student Sep 22, 2011 10:54AM

I graduated a year and a half ago with top honors a s a p aralegal. When I started attending college,there were many jobs in the field. Now, I have attorney friends that are taking paralegal jobsbecause they can't find anything else. I planned on continuing on in school but wanted to take abreak and work for a year, pay down my loans, and get my life in order. I am a divorced, over 40mother and it was difficult enough for me to go back to school in the first place. In order to postponepaying on student loans when I can't even feed m y kids at this point in time, I was forced to continueon with my education, making a larger bill in the long run but avoiding starvation at the same time. Ihave moved in with my sister, drive an '89 van that is paid for, go to church clothing drives for mykids, and never spend anything without weighing all options as to whe ther we REALLY have to have
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it or not. As careful as I am, we are barely making it and I owe a couple family members som e

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ajd92980 Sep 16, 2011 8:45PM

okay, while al l you guys are talking about interest and stuff, I'd like to as k what pizza joint this personworked at and made $1800 a m onth working 22 hours a week. That's $450 a week, and averagedout, over $20/hr. I worked at a pizza joint before I went back to school and never made close to that,working nearly 30 hours a week. People don't tip anyone much a nymore. They feel the cost of theproduct includes a decent sala ry for the delivery person, when in most case s, that person is getting

paid less than m inimum wage, which is legal since it's a position in which tips can be accepted.Think about that next time you order out for delivery.

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Someone Sep 22, 2011 10:02AM

I know a chiropractor who graduated and has been p racticing since 1997 . Her husband set her upin a s tate-of-art office which she refuses to make payments on to him . To my knowledge she hasnot paid a cent to her over $100,000 student loans. She says it is s imple to ask and receive adeferment of payment. She drives and Escalade, purchasing hom e, buys all her children's clothesfrom the m ost expensive department store in town, children have every toy and bit of technologyavailable, she wears the bes t including Farragamo (Italian) shoes, eats i n the best restaurantsoften. Now just what is fair about people losing their hom es, lives when she is allowed theseprivileges? I read a s tatistic once that doctors are the lea st likely to pay student loans and theymake m ore money than God. Pay up! A deadbeat is a deadbeat regardles s of title and arrogance!

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llolamay Sep 22, 2011 10:48AM

I'm in student loan repayment hell right now. I paid for college myself. I spoke with many differentfinancial advisors at schools to learn the bes t way to get m yself through college. Everyone's ad visewas jus t take out loans. Didn't get enough from FSA, here's a private bank education loan. Don'tworry about it you'll be fine p aying it back after college. Now I'm $60,000 in debt and s truggling toget by each mon th. I am unable to consolidate my private loans an d only half of the mo ney qualifiesfor income base repayment. I am alm ost 30 years old and don't see being able to buy a house,have a family, or pay for a wedding for a very long time. The only blessing I s ee is I found a jobclose to my field and I don't have any other debt.

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spoo58 Sep 16, 2011 6:58PM

I paid on my student loans like a mad m an when others were telling me I was stupid for doing sobecause the interest is a "tax deduction". Long story short, I'm debt free while those others are inallot of financial pain. If being stupid leeds to financial stability; I'll be stupid any day. Oh yeah I gota degree that was marketable as well.

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Doc2011 Sep 16, 2011 9:40PM

The student loan balloon is full fledged! The more the government loans to students, the morecolleges raise their tuition rates. Meanwhile, every other commercial is for some m ail in collegewhere you can get a worthless degree. When I see 3 new colleges pop u p in a year in my cityalone, it makes me think that they must be make som e mega bu cks (kind of like the mortgagecompanies and others involved mad e a ton of money).

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BluDragon78 Sep 22, 2011 11:44AM

I know the author of this article is not talking about students with a 4 year degree have an averagedebt of $22,900!!!! Where did she get THAT number???? More like $60 ,000, $80,000 and in som ecases e ven over $100,000 in debt. That flub alone makes m e realize she does n't have a clue whatshe's talking about. I stopped reading a fter I read that amount. That is laughable!Oh and that loan forgiveness for working for the go vernment or s ervice job doe s not m ean you won'thave to pay. I am in school now a nd working full time in a government job. The loan forgivenessmeans that you have to be em ployed full time in a qualified governement or public s ervice job. Youhave to pay on your loan for 10 years. No d efaults, you can't be l ate, any of that. If you pay your loansfor ten years straight without defaulting, without being late, without skipping payments, THEN you
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pdxjew Sep 23, 2011 2:41AM

You have got to be kidding me.. Get a second jo b and live like a student. We are having to do thatalready to survive.. How will one actually have any extra cash to pay student loans down when all of their income is needed to jus t survie? Another article by som eone who is completely out of touchwith the student loan crisis.

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MoneysavingMom Sep 18, 2011 3:28PM

How about 100k in law s chool loans, at a time whe n lawyers are unempl oyed at a rate of 10:1?Private loans onl y offer around a 6 -m onth grace period of hardship - which you use up between thetime period of graduating and s itting for Bar Exam. And your law school gets a huge cut of your private school lo an, which you had to take out because the federal loan was only enough to cover your books and you didn't come from a rich family that could pay your bills for you. THAT is a CRISISalready in effect and new attorneys are hurting the worst. It is time to change bankruptcy lawsto include student loan debt! There is s omething wrong when you can't afford to feed yourself because you have to pay $1500k/monthly for your loans and you are unemployed...

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8 ways to pay down student loans- msn money

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