Tuesday, October 26, 2010
Student Loan debt - It keeps going and going and going...
1- If you are just entering college or in college now, get the minimum student loan that you can! Work a part time job so that you can pay for other things that you need. Think twice about decorating your dorm with expensive furniture/objects and go to IKEA.
2- Make inexpensive handmade holiday and birthday gifts for friends and family.
3- Make your own meals at home. Invest in lunch containers to take lunch to go when you are out of your apartment or house.
4- If you do not have a computer in your dorm or apartment, use the computer at your public library or at your university. In NYC there are great Internet Cafe's where you can use the internet for a pretty low price.
Here are a few:
ING Direct Internet Cafe
968 3rd Avenue, New York, NY
941 Willoughby Avenue
Brooklyn, NY 11221
5- Instead of shopping a fancy stores that charge an arm and a leg, try a thrift store or a consignment shop! Sometimes they have great buys with cuter stuff than whats at the Gap or Banana Republic.
6- Instead of buying books at a bookstore, head to the library or go to a Barnes and Nobles and spend the day studying! This saves a bunch! I remember in college me and one of my best friends used to go to B&N and just spend so many hours there. I think it actually helped the studying because we were around so many books! :)
7- Make paying off your debt fun! Making yourself a reminder of how much you are borrowing in student loans is a great idea to help paying down debt fun. I think this helps alot. Its easy to spend and spend and forget about how much debt is accumulating. If you are out of school and paying off student loan debt, its a great idea to keep a ticker, like a little countdown that will go down everytime you make a payment. I have to tell you it feels wonderful whenever I make a payment and I can see the amount going lower!
8- If you are having alot of trouble paying off student loans, you can contact your student loan provider and ask about income based repayment, which bases your payments on the amount you receive in income. Its a great way to get through tough times.
Good Luck paying off your student loans! Do you have any special ways that help you pay off student debt? Please leave them in your comment!