Get Rid of Student Loan Debt Fast
Unless you were blessed with an incredible amount of wealth while attending college, you probably had to take out a few hefty loans to cover the expensive cost of tuition.
While student loan debt can be crippling - many more are "taking the plunge" and pursuing either an online or traditional college degree, despite the rising costs. Why? The unemployment gap between those having a college degree and those who do not is increasing, here is a great infographic showing the trend.
These days having some sort of debt looming over your head is second nature, and eliminating it instantaneously without filing for bankruptcy is still a mystery to be uncovered.
However, there are two little-known tricks to get rid of student loan debt fast without the hassle or gigantic installments every single month.
One great way to begin eliminating that student loan debt is by transferring the debt to a credit card. Student loans are said to consist of low interest rates, but in all actuality, the rates are astronomical and paying the loans off the old-fashioned way could take several lifetimes.
This is pointless anyway because student loan debt drops off if the debtor happens to pass away. One of the two little-known tricks to get rid of student loan debt fast is to simply pay off the loan with a credit card that has little to no interest rate.
That way the student loan creditors are out of your hair and you can breathe with peace of mind knowing that your initial loan has been paid off. The strategy seems hazy, however in reality, it’s obviously the better route to take and you can escape the extreme interest rates that student load creditors seemingly constantly bestow on debtors.
Another one of the two little-known tricks to get rid of student loan debt fast is to simply put your student loan on forbearance. This basically means that if your situation is a candidate for putting your loan on hold, you can cease having to make payments until you are financially able to again.
If you have lost your job, transferred jobs, or been demoted (these are just some of the possibilities) you could qualify for a forbearance to be placed on your account. Student loan creditors understand that sometimes things happen (and not in your favor) and they’re willing to work with you so that you can get the debt taken care of. Remember that if you aren’t able to make payments on the loan, tell the creditor.
Don’t ignore their phone calls and act as if you’ve disappeared off the face of the planet. This won’t make them go away, and they’ll just accrue more charges to the account. Let them know what’s going on, and they’ll more than likely be willing to work out some sort of accommodation for you.Make sure not to get behind on your student loan debt, tax debts or credit card payments. All of these can affect your credit score and make it harder to purchase things later in life. Start on the right track now and take care of your credit report and score.
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