If you are currently in college or are going to be graduating soon, you will need to face the reality that you are going to have to pay off a lot of student debt. Education is expensive and most people will have had to take out loans to finance their degree which has to be paid back month by month until you are debt free. Rather than having sleepless nights worrying about this debt, instead take a look below at our favourite ideas that will help you to pay off your student debt faster.
Save and Budget
Whether you are still a student or have just graduated, it is important that you set up a budget. If you are still a student, take advantage of the benefits that a BB&T student banking account will bring and make track all of your expenses from here. This is also an account where you can put your savings away should you run into an emergency so that you don’t need to get yourself into more debt. Having an emergency fund is vital before you start paying off your student debt as this will be the cash that you can fall back on should something unexpected come up. Doing this as a student will save you a lot of stress after graduating, but if you are already a graduate, having this budget is just as important to start putting money aside specifically for your student debt.
Have a Timeline
When paying off debt quickly, you will need to set up a timeline and place specific goals for yourself as this is what will help to keep you motivated. This will also ensure that you are organised and you will be able to see exactly when you will finally be student debt free!
Work on the Weekend
This applies to both students and graduates and if you want to pay off your debt quickly then you will need to start working on the weekend. It is important to remember that this extra work is not forever but your hard work now will pay off massively in the future. This second source of income can go directly to paying off your student debt and will also save you a tonne in the interest that you will have avoided.
Pay Off As Much as You Can
A big mistake that many people make is to only make the minimum repayments every month, but this won’t do if you are trying to pay off your debt quickly! No one wants to be in their 40s and still paying off student debt, so make sure you are putting as much money as you possibly can towards tackling and driving down this debt.
Live at Home
As a student, if you can live at home while attending classes then definitely do this as you will save so much money in the long run. If you are a graduate, consider moving back home for a while to get a kick start on paying off your debt without having to worry about rent and bills.