For many young adults, this debt is holding them back. Having to carry debt through their 20s can prevent young people from doing various things, such as buying a home or a car, starting a family, or moving to a new state.
However, you can get rid of your student loan debt very quickly if you follow a few easy rules. Here are six tips to help you pay off your student loan debt before you turn 30.
Don’t take the easy way out
There are thousands of desperate students and graduates who are looking for an easy way to clear their debt, which has resulted in various online scams. Scammers often target people who are financially insecure and desperate, so worried graduates are a great target.
If you find a repayment plan online that sounds too good to be true, then it probably is. Recently, the Consumer Financial Protection Bureau ended a student loan repayment scam in the U.S. where scammers stole money from hundreds of graduates. Remember that honest student loan debt relief organizations will never ask you for money up front.
Focus on the interest
When people actually sit down and calculate how much money they’ll pay in interest over time, they’re often shocked and dismayed. Take some time to calculate how much interest you’ll pay if it takes you 30 years to pay back your debt, and then calculate how much interest you’ll pay if you pay your debt back in 10 years. The difference will be remarkable, which will motivate you to get rid of that debt quickly.
Work for the government
People who work for the government are often offered loan forgiveness schemes, so part of their debt is paid off by their employer. This means you can save thousands of dollars each year (some jobs even pay off up to $10, 000 of debt each year).
Being in the military means that individuals go to college for free, but there are other jobs that also offer government loan forgiveness programs, such as teaching, working for the government, or joining the Peace Corps.