Friday, March 13, 2015

~How to Pay off Student Loan Debt~

So, I have an update for you guys. I have successfully paid off four out of eleven student loans that I acquired. I want to give you a few tips and tricks of how I'm tackling this debt.
  • Start paying of the smallest amount first (which will reduce your monthly payment)
  • Use the difference of your previous balance to pay of the next loan (for example if you paid off loan 1 and that knocked your monthly payment by $15. Use that $15 to pay off loan 2 and ect.)
  • Make your goals measureable yet challenging. Do something you know you can achieve.
  • Budget, budget, budget, and did I say BUDGET.....I think you get the point
  • Let go off some bill that you can live without. Example: Cable
  • Keep a copy of your loans. So you know exactly what you are dealing with. You'll have to face it sooner or later. I Simply highlight mines when I pay them off.
  • Say going out to expensive place all the time. Or if you do purchase something cheap. 
I will keep you guys updated. I plan to have my 5th loan paid off by July 2015. All the rest of my loans are more expensive and have a higher interest rate. So they are gonna take more time to pay off. Next, time I will try to upload a picture of my loans was having technical issues today. And remember a confident woman is financially fit!

1 comment:

  1. Great information; thanks for sharing and have a blessed weekend.