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Paying Off Student Loans

There’s a whole host of evidence to show that those who have a degree not only earn more, on average, over a lifetime, than those who don’t, but they also earn it faster and find it easier to get a job. Such loans can fill a funding gap. Often such a gap is created when a student is awarded a Stafford or Perkins loan, and then realizes that the amount in the loan does not fully cover all of the students expenses.

So what you really need is not a job, but a business. This is not as impossible as it might seem. You have time on your side. It takes time for a business to become established- well you’ve got four years before you have to make those payments. But what about start-up costs? Well, few students can afford to open a bricks and mortar establishment, but a web business can be started cheaply and it has very little overhead. And any profits that you make while you’re in school can be used to make it bigger or to outsource the work. (so that you can concentrate on the rest of your life when you graduate)

What you need is a separate income, just for paying off student loans. Something that will make those monthly payments for you so that you can make the important decisions about your future without considering them. Ok, so what is a second income, to you? For some people its a McDonald’s job, all through school and overtime on summer break. That’s kind of hectic when you’re trying to get good grades, too. Other students do federal work/study jobs so they can at least stay on campus. But these jobs have limited hours, so they don’t pay much. Besides, you want an income that will continue for at least ten years after you graduate, right?

Attempt to get approved for your payment to be lowered. See if you can extend the term of the loan to make the payment a bit smaller. Though you will end up paying more in interest, this can still help you get past the point where it won’t be so difficult to pay.

The most important issue for to realize here is that however hard it is in the short-term, having no student loan default record on file will be much easier in all sorts of ways financial in the future.

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