By the time a student qualifies for a bachelor’s degree, they have acquired loan of $24,000, of which the monthly payments are generally over $200. However, it doesn’t include any extra loan that the student may have availed during the course of their graduation. Debt is a major financial tension affecting graduate’s budget. Graduates are keen to liquidate student loan at the earliest. Many students may not be aware of the various options telling them how to eliminate student loans. Two significant options are available to them. One is to make fat contributions to their student loan from their earnings. The other is to work for specified jobs that help waiving off loans completely or partially. Here are some tips on how to eliminate student loans quickly:
1. First, you need to check out your total student loan. Check all your loan accounts, from private lenders as well federal loans by going on the Internet and visiting website of the National Student Loan Data System. Total up all the figures to know your total debt to be paid.
2. Certain categories of jobs enable graduates to seek federal loan forgiveness. Two major programs include one for teachers who teach in underdeveloped areas and the other is for workers engaged in public service departments. If you fall in either of these categories, you’ll need to find how many years of service is required and fill up the prescribed application, enabling you to get full or partial student loan debt forgiveness.
3. Some employers and state agencies also offer to help getting partial or complete loan. For instance, nursing board of certain states provides student loan forgiveness to nurses. You can find out your eligibility and fill in an application. This is a great way telling you how to eliminate student loans.
4. Did you know that on joining the US military, graduates are entitled for limited loan forgiveness? In many cases, the amount of forgiveness increases with the number of years you put in the military. This is another way telling you how to eliminate student loans.
5. Bring changes in your lifestyle to cut down your personal expenses. You may live with your parents or share an apartment with friends, use public transport rather than traveling by car. You can further limit your personal expenses by reducing your expenses on clothing, vacations, eating out and entertainment. All this adds up to quite a lot and can be contributed to making additional payment towards your loan.
6. Use your holiday bonus, tax refund and other extra income for making additional payments to reduce that student loan.
Now that you are aware of so many ways telling you how to eliminate student loans, you can surely choose one or more and liquidate your student loon in the shortest possible time.