Are you looking to pay off student loans quickly, but at the same time feel that it might not be doable? Believe it or not it is very possible. You may have to make a few sacrifices, but in the long run it will be very worth it. Let's take a look at some advice that could help you get started on the road to quickly pay off student loans.
First, you will want to keep in the student mind set. You might be wondering what does that mean exactly? It simply means to keep being frugal. It is very easy to graduate, get a job and then want luxuries right away. Instead, look at the big picture and wait to live in the expensive apartment, to buy a big screen HDTV or a new car. You will also want to eat in, not out. Delay all non-essentials and watch your student loans begin to disappear.
Second, be sure to check into any tax credits that you can receive. Some of these include the Student Loan Interest Reduction and the Tuition and Fees Reduction. See what you qualify for and take advantage. Many times these credits can save you thousands of dollars.
Third, consider starting to save for retirement. This will also give you additional tax breaks that will free up even more money to put towards paying off student loans.
You may also want to consider a government consolidation assistance program. These programs work to combine all of your federally funded student loans into one. This can bring down your interest rate, and overall just make it simpler to keep up with payments.
Finally, be sure to check into loan forgiveness options that may be available to you. For example, loans are often completely forgiven or greatly reduced if you volunteer for the Peace Corps, go into the military or (if you are a teacher) teach in certain schools. Many government agencies and private employers also offer assistance to individuals to pay off student loans. Be sure to check with your employer or even seek out employment at an agency or company that will help you pay off your student loans.
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