How to Pay Off Your Student Loans Faster. http://www.robwilson.tv/pay-off-student-loans-faster
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College is expensive. If you borrowed money to pay for that expensive degree, you get a six month grace period, and then it's time to start paying up!
I gave some tips on my recent financial advice segment on Fox Philly that can help you with managing your student loan payments:
If you're making a good salary:
Refinance your loans. You'll likely get a lower interest rate, a lower payment and you'll pay much less of your hard earned cash over the life of the loan.
If you think you'll have difficulty fitting the student loan payments into your budget:
Consolidate your loans. This won't change your rate, but you can combine all of your loans into one simple payment, and the combined loan will be eligible for programs that the federal government offers like:
Income Driven Repayment - You can apply for programs that will cap your payment at 10-20% of your income and may be forgiven after 20-25 years.
Loan forgiveness - If you work in public service, you may be eligible to have your loans forgiven after 10 years. Some states and other organizations also offer loan forgiveness programs. For example, Pennsylvania offer 100k to doctors who work with underserved populations for two years.
Don't change your lifestyle too quickly - Keep living like a college student for awhile so you can be more aggressive at paying your loan back.
Push back major purchases - Don't feel like you have to go and buy a big house or a nice car just because there is a degree on the wall.
*** Make more money - All of the above tips will help you when you're in a bind, but the best way, BY FAR, to pay your student loans back is to have an intense focus on making more money.
Accelerating your path at your company, freelancing on nights and weekendds or starting a business will be much more effective than cutting things out of your budget. There are only so many things you can cut from your spending, but your earning potential is limitless!
For tips on how to start a business to help pay back your student loans, check out my free Expert Empire training here: http://www.expertempire.co
Let's connect! Hit me with any questions you have on wealth building!
Tags: How to Pay Off Your Student Loans Faster, rob wilson, celebrity financial advisor, money monday, #moneymonday, student loans, college, fox29, karen hepp, bill anderson, philly, philadelphia