Many people think that they will never be able to pay off their entire student loan balances. However, stories abound of people who not only paid their student loans but also paid them off early. Here are some ways that people have been successful in getting out of student loan debt.
People Get Ahead on Their Payments
Sometimes, getting ahead on your student loans is what makes the difference when paying them back. Those who manage to pay a month or two in advance and keep that up over the course of the loan have a better chance of eventually retiring their student loan debt.
People Have Taken Advantage of Refinancing Offers
Some people have managed to pay off their student loans by taking advantage of refinancing offers that have helped them save money. They may have even received low teaser rates that got them even further ahead by making their payments less over an initial period. Cutting your payments every time that interest rates go down is a great way to get you more bang for your buck when it comes to repayment dollars.
Super Savers Get Out of Debt Early
Many stories of people who has successfully paid back their student loans start with their decision to save money very early in their careers. Some people have even taken extreme measures, such as moving overseas where the cost of living is cheaper to save as much money as possible.
Thinking outside the box to limit your expenses and make the most of your resources not only ensures you can make your payments. It’s also a way of dealing with your debt early.
Side Hustle Has Helped People Pay Student Loan Debt
Some people with high student loan debts have turned to side hustles to augment their income.
Working an extra hour or two here and there in the gig economy can help earn the money you need to make your monthly payment or even pay more than you owe each month. Even people who just work an extra hour a week and use it to pay off student loan debt can find themselves out of debt quicker.
Making Student Loan Debt Your First Focus
Those who have decided to laser focus on their student loans have had success in getting them paid off earlier. For these people, every extra penny that they were able to save went to getting rid of their loan balance.
Many people have succeeded in reducing and eliminating their student loan debt. If you’re working on paying off yours, do not despair. Through commitment and a few lifestyle changes, you can go debt-free and no longer having to deal with student loan monthly payments.