Last week we discussed some of the latest trends when it comes to going to college. This week’s blog will discuss how to pay off those big student loans and how to go to college without any student loan debt.
A lot of adults have huge balances on their student loans. Whether you have $5,000 loans or $50,000 loans it can seem like an impossible task to pay them off. One way to find light at the end of the student loan tunnel is using the, “How to eat an elephant approach.” The whole concept is to take the elephant and break him down to managable bite size pieces.
Let’s say you have a $20,000 student loan. Take your loan balance and divide it up into smaller more obtainable goals so you can feel the traction you are getting. An example could be you make a smaller goal of paying off $2,000, then $3,000 and so on. After you pay off an extra $2,000, paying off the next $3,000 will not seem so difficult. What you are doing is creating momentum that will cause you to believe that this student loan can in fact be paid off a lot faster than originally thought. The sooner your student loan is paid off the sooner you can start building wealth.
When it comes to going to college debt free, I have found an awesome article by Dave Ramsey that can show you how it is done.
If you want to see how long it would take you to pay off your student loan debts (a long with your other debts) schedule your FREE 30 minute consultation today!