by Susan Paige
It’s no secret that student loans are a considerable burden.
The average student loan borrower owes around $31,000 in loans post-graduation. Student loans can lead to stress, financial issues, and even affect credit.
Though student loans can be scary, there are ways to tackle them. Want to learn how to get rid of student loans? Here are some helpful tips and tricks to get those pesky loans paid off for good.
Look at Loan Modification Options
Though some private loan forgiveness doesn’t exist, there are ways to qualify for student loan forgiveness. If you are having trouble making payments, you can contact your loan service and speak about a loan modification.
Loan modification primarily lowers your monthly payment or interest rate. These changes are not permanent but can help you chip away at your loans no matter your financial situation.
Work in the Government or For a Non-Profit
If you are an employee of the government or work for a non-profit, you get some pretty excellent benefits. Some of these benefits include student loan forgiveness. Depending on your major or what career path you choose, you may be able to find a place in the government or with a non-profit that is a good fit.
Still, this loan forgiveness can take time. You are yet required to make 120 monthly payments towards your loans only after does the loan forgiveness kick in. Additionally, depending on where you are employed, there may be a requirement to stay with your job for a certain number of years before loan forgiveness is acquired.
There are many options to look into public service loan forgiveness.
Take Advantage of The Delay in Student Loan Payments
Due to the COVID-19 pandemic, student loans that were taken out through the U.S. Department of Education are being delayed through September 30th. This means no debt collection or interest will affect your loans. You can virtually not make payments in this period and not be penalized.
This legislation is known as the CARES Act. Even if you want to continue making payments, you are able to as well. If you are financially able to make payments, take advantage of this time. Since there is no interest, your payments will go directly to the principal balance.
Start that Hustle
Is there a side hustle you have ever wanted to get into? If you are trying to pay off student loan debt, now may be a great time to start that side hustle. Not only can it give you extra cash, but you are also able to put that income directly towards your debt while maintaining your day to day expenses.
How to Get Rid of Student Loans
The best way to get rid of student loans is to have a game plan. No matter if you want to do public service, refinance your loans, or start that side hustle, you have to go into your loan payoff plan with motivation and realistic goals.
With these tips, you learn how to get rid of student loans.
Though it may never seem possible, you can pay off your student loans and live a debt-free life. Check out our blog for more financial and student loan tips.
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