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Reducing the Pressure of Your Student Loans

Jan 3, 2013

One of the biggest complaints of college graduates is the longevity of the student loans for their education. A great deal of people have no choice but to invest in their continued education in order to provide a better lifestyle for themselves and quite possibly a family later on. These loans could seem to drag on forever. There are a few things you can do in order to reduce the burden of these loans and alleviate this cause of stress in your life.

1. Increased Payments - By tightening your belt a bit, you can submit double monthly payments to your lender in order to reduce the time it takes you to pay the loan. However, not everyone can manage these payments. Depending on your lender, you could add a few more dollars to each payment to help reduce the principle amount without payoff penalties.

2. Debt Consolidation - For debts that are not cumulative, consolidation could help reduce your overall monthly payment. Instead of having several debtors collecting money from you, it would be one debtor with an overall lower total payment you'd be making. For instance, if you had $800 in monthly payments spread across five debtors, a consolidation could reduce that monthly amount to $500 to one debtor. Of course, this is also dependent on the lender and the terms of the loan.

3. Grants - For students who are currently in school or are planning to go, grants don't have to be for the sports minded or academically acclaimed. There is a wide variety of grants available to all walks of life to help pay for your education. The more grants you can accumulate, the less your student loans will be. In fact, it is quite possible for grants to pay for your entire college education. However, there are obligations and rules to each grant that you must adhere to; otherwise, you could wind up paying back the grant.

4. Eliminating Expenses - As with any budget, eliminating your expenses can help you afford to pay your student loans. This could come in a variety of ways including getting a roommate to share the household burden, eliminate or reduce creature comforts such as cable TV and eating out, or perhaps taking a closer look at what state assistance programs are available to help you.

5. Increase Your Income - Everyone would like to increase their income. Getting a second job that works you part-time could give you additional income to pay your bills. This doesn't have to be at a job you hate as the Internet is full of organizations looking to pay people for part-time work in a variety of fields.

Although student loans can be very troublesome, they are a fact of life for many. You shouldn't let your fear of debt keep you from developing an education and getting a degree in your field of study. With a smart budget and determination, you can manage your debt and your life without having to sacrifice the things you love in the process.

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