FAFSA Simplification: 8 Changes to Expect

Long-awaited changes to the Free Application for Federal Student Aid form aim to make completing the form easier, unlocking aid to pay for college. The simplification effort also expands eligibility for many types of student aid.

Changes include a much shorter form where the number of questions is based on your family’s financial situation.

The FAFSA Simplification Act was bundled into the Consolidated Appropriations Act of 2021, which included the second coronavirus relief bill. The changes to the FAFSA are effective as of July 1, 2023, for the 2023-2024 academic year and afterward.

Here’s what’s in store for the new FAFSA and other updates to financial aid:

1. The FAFSA will have fewer questions

There are currently 108 questions on the FAFSA.

On the new FAFSA form, the total number of questions you answer will depend on your financial situation, but the maximum will be 36. Some questions have multiple parts.

2. Two roadblock questions will be removed

Students no longer must register for the Selective Service in order to complete the FAFSA, and the question will be removed from the application.

Drug-related convictions alone will no longer disqualify applicants, and the question won’t be included on the FAFSA.

3. The application will be translated into more languages

The current FAFSA is in only English and Spanish. FAFSA simplification aims to make the application easier for more students and their parents who don’t speak those languages.

The new form will be available in at least 11 languages.

4. It will be clearer if you need to include assets

Currently, aid applicants have to include their own or their parents’ assets when applying for federal student aid to provide a full picture of their financial situation. Otherwise, applicants must answer a series of questions about taxable income to apply without consideration of assets (called the Simplified Needs Test).

The act exempts applicants from having to disclose assets if they meet any of the following requirements (tax information will be imported to the application directly from the IRS):

  • They’re a non-tax filer.

  • They qualify for an automatic zero or negative Student Aid Index (and subsequently are set to receive the maximum Pell Grant award).

  • They (for independent students) or their parents (for dependent students) have an adjusted gross income of less than $60,000 (and do not file a tax return with lettered schedules A-H or file a Schedule C with net business income over $10,000 loss or gain).

  • They received a means-tested benefit, such as the Supplemental Nutrition Assistance Program, or SNAP.

5. More factors added to cost of attendance

The amount of financial aid you’re eligible for is calculated by subtracting your Expected Family Contribution (soon to be Student Aid Index) from the school’s cost of attendance.

The FAFSA simplification effort adjusts cost of attendance to include more factors and rules:

  • Colleges can no longer set the housing allowance to zero for students living at home with their parents.

  • Meal plans must assume students are receiving three meals a day.

  • Colleges must include the cost of obtaining a professional license, certification or other professional credential.

  • Private student loans are no longer included in the allowance for loan fees (however, private loans often don’t charge fees as federal loans do).

6. Student Aid Index replaces the EFC

The Expected Family Contribution, or EFC, is getting a new name: Student Aid Index, or SAI.

The SAI, like the EFC, is used to calculate most financial aid (all except Pell Grants). Your need will be calculated as cost of attendance minus Student Aid Index and other financial assistance.

The makeover is meant to correct the assumption that the calculation equals the amount your family can contribute, as the name suggests. Most families pay more than the EFC amount after taking loans to fill aid gaps. In reality, the EFC (soon to be SAI) is an index number used by college financial aid offices to determine your need for aid.

The information you include on the FAFSA determines your SAI; it equals the sum of your parents’ available income, your income and your assets.

7. Receiving a Pell Grant award will get easier

Pell Grant eligibility will be simplified. Maximum annual grants, for example, will go to students — or, if dependent, their parent or parents — who fall below the income thresholds for tax filing. Maximum grants will also go to those with adjusted gross incomes below 225% (single) or 175% (married) of the poverty line.

The act also extends Pell Grant eligibility for students who previously received a Pell Grant if they were unable to complete their studies due to the closing of their school or if their loans were discharged under borrower defense to repayment. It also restores Pell Grant eligibility to incarcerated students.

8. Applicants may get more need-based aid

Applicants will see their Student Aid Index set to zero automatically if they’re eligible for the maximum federal Pell Grant. The new formula would also allow an SAI of less than zero (negative $1,500). Both changes will allow applicants to receive more need-based aid.

Source: nerdwallet.com

4 Practical Ways to Leave College Debt-Free

January 12, 2021 &• 6 min read by Credit.com Comments 0 Comments

div#contentdisclaimer background: #fff;padding: 1.5em;line-height: 1.25em;max-width: 500px;
Advertiser Disclosure

Disclaimer

The following is a guest post by Lisa Bigelow, a content writer for Bold.

When it comes to paying for college, the anxiety about how to leave college debt-free starts early. And for thousands of grads who are buckling under the weight of monthly student loan payments that can cost as much as a mortgage, that worry can last for as long as 25 years.

According to EducationData.org and The College Board, the cost of a private school undergraduate education can exceed $200,000 over four years. Think you can avoid a $100k+ price tag by staying in-state? Think again—many public flagships can cost over $100,000 for residents seeking an undergraduate degree, including room and board. And with financial aid calculators returning eye-poppingly low awards, you’d better not get a second topping on your pizza.

In fact, you’d better hope that you can graduate on time.

The good news is that you can maintain financial health and get a great education at the same time. You won’t have to enroll as a full-time student and work 40 hours a week, either—each of the methods suggested are attainable for anyone who makes it a priority to leave college debt-free.

Here are four practical ways you can leave college debt-free (and still get that second pizza topping).

1. Cut the upfront sticker price

Don’t visit schools until you are certain you can afford them. Instead, prioritize the cost of attendance and how much you can afford to pay. Staying in-state is one easy way to do this. But if you have wanderlust and want to explore colleges outside state lines, an often-overlooked method of cutting the upfront cost is the regional tuition discount. Many US states participate in some form of tuition reciprocity or exchange programs. You can explore the full list of options at the National Association for Student Financial Aid Administrators website.

Let’s explore how this works. As a resident of a New England state, for example, you can study at another New England state’s public university at a greatly reduced cost if your home state’s public schools don’t offer the degree you want. So, for example, if you live in Maine but want to go to film school, you can attend the University of Rhode Island and major in film using the regional tuition discount.

Some universities offer different types of regional discounts and scholarships that appear somewhat arbitrary. The University of Louisville (in Kentucky) includes Connecticut in its regional scholars program. And at the University of Nebraska, out-of-state admitted applicants are eligible for several thousand dollars in renewable scholarship money if they meet modest academic standards.

If you already have your heart set on an expensive school and you’re not likely to qualify for reciprocity, financial help, or merit aid, live at home and complete your first two years at your local community college.

Here’s another fun fact: in some places, graduating from community college with a minimum GPA gives you automatic acceptance to the state flagship university.

2. Leverage dual enrollment and “testing out”

When you enroll in a four-year college it’s pretty likely that you’ll spend the first two years completing general education requirements and taking electives. Why not further reduce the cost of your education by completing some of those credits at your local community college, or by testing out?

Community college per-credit tuition is usually much cheaper than at four-year colleges, so take advantage of the lower rate in high school and over the summer after you’re enrolled in your four-year college.

But beware: you’ll probably need at least a C to transfer the credits, so read your institution’s rules first. Also, plan to take general education and low-level elective classes, because you’ll want to take courses in your major at your four-year school.

If you’ve been given the opportunity to take Advanced Placement courses, study hard for your year-end exams. Many colleges will accept a score of 3 or higher for credit, although some require at least a 4 (and others none at all). Take four or five AP classes in high school, score well on the exams, and guess what? You’ve just saved yourself a semester of tuition.

3. Take advantage of financial aid opportunities

After taking steps one and two, you probably have a good idea of what the leftover expense will be if you want to leave college debt-free. Your next job is to figure out how to cut that total even more by using financial aid. There are four types to consider.

The first is called need-based aid. This is what you’ll apply for when you complete your Free Application for Federal Student Aid. Known as the FAFSA, this is where you’ll enter detailed financial information, and you’ll need at least an hour the first time you complete this form. Hint: apply for aid as soon as the form opens in the fall. It is not a bottomless pot of money.

There is also medical-based financial aid. If you have a condition that could make employment difficult after graduating from college, you may be eligible, and qualifying is separate and apart from financial need and academic considerations.

The third type of aid relates to merit and is offered directly by colleges. Some schools automatically consider all accepted applicants for merit scholarships, which could relate to academics or community service or, in the case of recruited athletes, athletics. At other universities, you’ll need to submit a separate scholarship application after you’ve been admitted. Some merit awards are renewable for four years and others are only for one year.

If you didn’t get need-based or merit-based aid then you still may qualify for a private scholarship. Some require essays, some don’t, and some are offered by local community organizations such as rotary clubs, women’s organizations, and the like. Don’t turn your nose up at small-dollar awards, either, because they add up quickly and can cover budget-busting expenses such as travel and books.

4. Find easy money

Small-dollar awards really add up when you make finding easy money a priority. Consider using the following resources to help leave college debt-free:

  • Returns from micro-investing apps like Acorns
  • Tax return refunds
  • Browser add-ons that give you cashback for shopping online
  • Rewards credit cards (apply for a travel rewards credit card if you’re studying out of state)
  • Asking for money at the holidays and on your birthday
  • Working part-time by capitalizing on a special talent, such as tutoring, photography, or freelance writing

Leave College Debt-Free

Finally, if you have to take out a student loan, you may be able to have it forgiven if you agree to serve your community after graduation. The Peace Corps is one such way to serve, but if you have a specialized degree such as nursing, you can work in an underserved community and reap the rewards of loan forgiveness.


Lisa Bigelow writes for Bold and is an award-winning content creator, personal finance expert, and mom of three fantastic almost-adults. In addition to Credit.com, Lisa has contributed to The Tokenist, OnEntrepreneur, College Money Tips, Finovate, Finance Buzz, Life and Money by Citi, MagnifyMoney, Well + Good, Smarter With Gartner, and Popular Science. She lives with her family in Connecticut.



Sign up now.

Source: credit.com

10 Top Career Training Programs

When it comes to getting a secure, well-paying job, it’s not always necessary to get a college degree first.

Some students may choose a career training program to learn the necessary skills for a specific job, often more quickly and for less money than a four-year college degree. These programs may also be referred to as career certificate programs, usually certifying the students to work in a particular role once the course is completed.

These programs can be completed after college, but many are designed to train people who haven’t attended college. Recent high school graduates or those who have attained their GED can often attend career training programs and get started on their careers after receiving their certificate.

Why Do People Choose Career Training Programs?

Two big factors in choosing to go through a career training program before or instead of going to college are time and money.

Career training programs typically can be completed in less time than it generally takes to complete an undergraduate degree. Some programs can be completed in as little as four months, a staggering difference from the four years it might take to earn a bachelor’s degree.

average cost of in-state tuition at a public two-year institution is $3,412, and at a public four-year institution the in-state tuition averages $9,308.

At Minnesota State University, certificate programs consist of nine to 30 credits, which can be completed in one year or less of full-time study. If these programs cost the average $100 per credit, they would cost between $900 and $3,000. This is fairly affordable compared to the cost of tuition at either a two-year or a four-year institution.

Another reason some people choose a career training program is that they need to, or would like to, start earning money relatively soon after graduating high school.

A career training program could be a more direct route to employment than getting an associate or bachelor’s degree for people who are sure about their career path. This could also be a beneficial route for students who want to save money to attend college later in life.

Choosing a Program

The most important thing to look for when choosing a career training program, whether it’s in-person or an online career training program, is accreditation. Accreditation verifies that an institution is meeting a certain level of quality. Usually, a certificate will need to come from an accredited institution for it to be considered legitimate.

Accreditation is done by private agencies, and most programs or institutions will list accreditations on their website.

The most up-to-date accreditation information can be found in the database of postsecondary institutions and programs compiled by the US Department of Education or with the specific accrediting agency’s website.

Once it’s clear that the potential programs are accredited, students can begin to narrow down which one will be best for them. This will be a highly personal choice, but there are a few factors worthy of attention, including cost, course length, and type of instruction (online vs. in-person).

Job search assistance—which might include resume writing workshops, job fairs, or interview prep—is another element that may help set students up for success.

Top Paying Jobs For Certificate Holders

In addition to career training programs having the potential to save students time and money, people want to know that they’ll be able to make a good living with those jobs.

Right now, these are the highest paying jobs for those opting to go through a career training program:

1. Web Designer

According to the US Bureau of Labor Statistics, the average annual income for a web designer is $73,760, with the educational requirements ranging from a high school diploma to a bachelor’s degree. This job is growing faster than average, so it has a promising future.

2. Paralegals and Legal Assistants

Paralegals and legal assistants make, on average, $51,740 per year. The required education for an entry-level job as a paralegal is a certificate or an associate degree. This job is also growing at a rate much faster than average, showing great potential for a long-term career.

3. Solar Photovoltaic Installer

Solar panel installation is a growing field with decent pay and a lot of projected growth for the future. The median annual pay is $44,890, with only a high school degree or a certificate required to begin working.

4. Licensed practical and licensed vocational nurses

Training to become a licensed practical or licensed vocational nurse typically takes only one year of full-time study, and the median annual salary is $47,480. This job is growing faster than average and is in a field that will certainly always exist. This could be a good choice for someone who wants to be in the medical field without the time and financial commitment it takes to become a doctor.

5. Medical Records Technician

Working as a medical records technician usually only requires a certificate, and sometimes an associate degree. This job has a median annual pay of $42,630 and the potential to work from home.

6. Pharmacy Technician

The median pay for a pharmacy technician is $33,950 per year. This job is growing at an average rate and typically requires on-the-job training or a formal training program, most of which last one year. Some longer pharmacy tech training programs culminate in an associate degree.

7. Computer Support Specialist

The role of a computer support specialist can vary widely, which means the educational requirements may, also. Some jobs in this field may require a bachelor’s degree, but others may only require an associate degree or a certificate. The median annual pay for a computer support specialist is $54,760, and the field is growing faster than average.

8. Phlebotomists

Professional certification, which can be gained after completing a phlebotomy training program, is the credential generally preferred by employers. This job has a median annual pay of $35,510 and it’s growing much faster than average.

9. Medical Assistants

Medical assistants have a median annual pay of $34,800, and the job only requires a certificate or on-the-job training. This job is growing much faster than average.

10. Wind Turbine Technician

The median pay for this job is $52,910 per year and the only education required is a training certificate through a technical program. This job is growing at a rate much faster than average, which could make it a great choice for students who are ready to start their career shortly after graduating high school.

Paying for a Career Training Program

Just because career training programs are typically less expensive than college doesn’t mean they’ll be easy to pay for. Some programs last longer than others and will still end up costing a fair chunk of money.

One way to pay for a career training program is to save the amount of money needed before starting it. If the program is short or has a lower cost per unit, it may be possible to simply save up the necessary amount before beginning the course of study.

Free Application for Federal Student Aid (FAFSA) ® is the first step to applying for federal student financial aid. After submitting the FAFSA®, students will find out if they’re eligible for federal student aid, which could include federal student loans and/or work-study.

Students who aren’t eligible for federal financial aid or students who can’t cover tuition costs without financial aid may want to look for scholarships. There may be fewer scholarships available for certificate programs than there are for degree programs, but they’re out there!

The best place to start looking for scholarships is with the school the student is attending. Some schools set up their own scholarships. Alternatively, students can search for scholarships offered by professional organizations in their related fields.

A private student loan may be another option to cover the cost of a career training program. Loan terms will vary from lender to lender, and applicants are encouraged to understand the terms of the loan before accepting one. Students should exhaust all federal student aid options before considering private student loans.

The Takeaway

Students can be under a lot of pressure to go right into a four-year college or university after graduating high school, but career training programs provide an alternative that can also set students up for success, typically in less time and for less money.

Learn more about private student loans at SoFi.



SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Lending Corp. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOSL20040

Source: sofi.com

Should You Refinance Your Student Loans?

Reader Interactions

full disclaimer and complete list of partners.

Table of Contents

About the Author

Jeff Rose, CFP®

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

You Might Also Enjoy

BE THE FIRST TO KNOW

Each week, we’ll send you money tips to guide you on the path to financial freedom.

Arrow pointing right

Source: goodfinancialcents.com

Investing Money Basics Student Loans

New Student Loan Models Attract Borrowers & Investors

admin 0 Comment
August 21, 2014 &• min read by Mitchell D. Weiss Comments 0 Comments

div#contentdisclaimer background: #fff;padding: 1.5em;line-height: 1.25em;max-width: 500px;
Advertiser Disclosure

Disclaimer

It was bound to happen.

So-called alternative financing sources for student loans have been popping up all over the place. Some take a peer-to-peer (P2P) approach, where individuals with a few bucks to spare and hopes of a better-than-market return lend to others who are looking for a good deal on a loan.

P2P companies serve as matchmakers of sorts. The firms pair pre-screened applicants with investors who set the credit and pricing ground rules for the loans they’re eager to make. The fees that the P2Ps earn may come from arranging the match and babysitting (servicing) the offspring (loans) over time.

The more traditional alternative lenders are somewhat less paternalistic.

A number of high-powered professional investment companies—including private equity and hedge fund firms—are backing a string of nonbank lending operations that are busy staking out market positions in a variety of business sectors.

Higher education is one of these.

The reason for the interest is obvious: More than $1 trillion worth of student loans, a portion of which will make its way into the private market at some point. For example, some borrowers may require additional financing after maxing out the amount they can get from federal programs. Others may need to combine and refinance their government and private student loan debt later on.

What’s less obvious is the lenders’ control over the selection process, and the fact that even if a bad deal were to slip through anyway, all student loans—government and private alike—continue to be virtually impossible to discharge in bankruptcy.

The selection process is attracting a bit of attention these days. Some lenders are seeking to improve upon their already good repayment odds by exclusively marketing to those students who are pursuing historically high-paying areas of study at premier colleges and universities. As for the rest, their rates are typically higher and their loans may need to be co-signed by deep-pocketed parents or other close relatives.

To paraphrase Orwell, all students are equal, but some are more equal than others.

Get It Now
Privacy Policy

Meantime, there’s news that the first of these alternatively-originated loans are ending up in securitizations.

Fundamentally speaking, this form of structured finance serves two key purposes: It broadens lending capacity by recycling previously originated loans, thereby freeing up the lenders to grant new credit. It also locks in the originating lender’s profit, which is typically expressed in terms of the difference between the interest rates that borrowers are charged and those that are paid to investors to whom the loans are ultimately sold through one of these complex transactions.

The integrity of the investors’ rate of return depends on three things: an originally agreed-to payment stream that will not change, a loan value that can be expected to amortize as it was intended and a repayment term that will also remain intact.

Reduce the payment amount, forgive a portion of the loan value or extend the duration and the investor’s rate of return could get hammered—which explains the strong reluctance on the part of their agents (loan servicers) to meaningfully restructure or permanently modify securitized loans for distressed borrowers, whether for home mortgages or education debt.

So, as securitizations and other forms of structured-finance transactions begin to crank up in the education-loan sector, what should be done differently this time around?

As long as Congress continues to do nothing about the free pass in bankruptcy court that education lenders and investors enjoy today (including the feds), lawmakers should, at the very least, mandate two things.

First, that the governing documentation for all after-the-fact financing transactions (securitizations, in particular) makes it clear to all concerned that troubled debts will be promptly restructured or modified in a manner that is consistent with the student-loan relief programs the government has in place at the time.

Second, that everyone that’s involved in this financial conga-line — lenders, investors and loan servicers alike — will be held equally accountable for that as well.

More on Student Loans:

This story is an Op/Ed contribution to Credit.com and does not necessarily represent the views of the company or its affiliates.

Image: Robert Churchill


Sign up now.

Source: credit.com

Budgeting Frugal Living Student Loans

How We Paid Off Over $45K of Debt in 11 Months

admin 0 Comment

This post may contain affiliate links. Please read my disclosure for more information.

It seems pretty normal to me now but people still drop their jaws when I tell them we’ve paid over $45K on our loans in less than a year.

We still have a year to go and most days I have mixed emotions of accomplishment for what we’ve done vs. annoyance for how far we have to go.

UPDATE: As of August 31, 2017, Travis and I are STUDENT LOAN FREE! We paid off $77,646.54 in 23 months!

We’ve made conscious decisions to hold off on things like buying a house, going on trips, and even getting a couch that’s not covered in stains (all attempts to clean only make it worse.)

I didn’t agree to this at first but over time I’ve learned it’s necessary for our journey to get out of debt as quickly as possible. Don’t feel like you have to go vegan straight from an all McDonald’s diet.

Wade into it with these foundational practices and build your thriftiness over time. Make the commitment and I promise you will reap the rewards, and they will be sweet comfy industrial style brown leather rewards.

1. Read

Or listen to Dave Ramsey’s book The Total Money Makeover. Regardless of what you think about Dave’s philosophies the man has the market nailed on the psychology of spending.

Travis and I read this as part of our premarital counseling and it was a game changer.

I was in way too over my head to figure out where my money should go based on interest, investments, credit scores, etc. I needed a simple plan I could follow and he offered that simplicity. The baby steps are the map we’re using and they do work if you commit to them.

2. Budget

He must be using his favorite budgeting app!

I won’t harp too much on budgets but it’s the most important thing to getting out of debt and winning with money. None of these good intentioned suggestions are worth anything without a plan for telling your money where to go.

If budget sounds too negative you can refer to it as something else, like a Monthly Cash Flow Plan. It doesn’t matter what you call it just make one and stick to it.

You won’t be perfect and you’ll never have the perfect budget so make it as easy as possible for yourself by downloading an app like Mint to track card purchases in real time or EveryDollar if you’re a cash-only spender.

3. Buy Secondhand

You know how I feel about the amazing wallet and environmental benefits of buying clothes secondhand, but we buy just about everything else used as well. I love ThredUp for clothes and we’re avid pawn shop browsers. They’re always willing to negotiate on price. We recently got a $100 indestructible Bluetooth speaker for $30!

We got all our furniture from Craigslist and OfferUp and we browse Goodwill whenever we have free time to see what goodies they have.

We even do it with food. My mom works in cafeterias and catering and will offer us leftovers whenever they’re available. This obviously isn’t an option for everyone but if you know someone with extra food don’t be shy to ask and offer to pick it up on site. It prevents waste and cuts down your grocery bill.

4. Eat at Home

me in the kitchen.

We have a $50 grocery budget per week and we live very comfortably off that. I plan my meals, make a strict grocery list, and we switched to shopping at Aldi.

We budget ourselves a few meals per month to eat out with friends. We hate to pay full price anywhere so a few places we use to save on food include:

Spoiler alert: It’s much easier to get to know people at home over a crockpot dinner and a bottle of wine than a crowded restaurant with a live band. Married or single, eating at home is not as time-consuming and boring as I thought it’d be.

These are just a few of the money saving tactics we used. I actually have a list of 200 frugal living tips to spark your imagination on how to live a more frugal life!

5. Side Hustle

Sometimes there’s just nothing left to squeeze out of the budget to pay down debt. The quickest way out of debt is increasing your income. I know that it seems impossible to squeeze more into your already busy life and it is no picnic, it’s exhausting.

But the more you make now, the quicker you go from rice and beans to steak dinners (I’m vegetarian though so I’ll stick with the beans.)

I don’t recommend minimum wage soul-sucking side jobs (unless it’s over the holidays when you can make bank) I mean hustles. Drive Uber during peak hours, deliver pizzas on nights and weekends and rent your house/room out on Airbnb.

Use the talents you already have to freelance some work (try Facebook or fiverr to advertise.) Bringing in an extra $1000 a month now will change the rest of your life.

They paid of $45K of debt in 11 months! Holy wow! Me next please!

They paid of $45K of debt in 11 months! Holy wow! Me next please!

<img data-attachment-id="4826" data-permalink="https://www.modernfrugality.com/paid-off-45000-debt-11-months/mf-how-this-family-paid-off-45000-in-11-months-on-average-incomes/" data-orig-file="https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?fit=600%2C900&ssl=1" data-orig-size="600,900" data-comments-opened="1" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1"" data-image-title="Want to pay off debt quickly?" data-image-description="

If you want to pay off your debt quickly, read this. This family paid off over $45,000 in just under 11 months and show you how to do it in your life. #payingoffdebtquickly #payingoffdebtfast #payingoffatonofdebt #payingoffstudentloandebt

” data-medium-file=”https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?fit=200%2C300&ssl=1″ data-large-file=”https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?fit=400%2C600&ssl=1″ loading=”lazy” width=”400″ height=”600″ data-pin-title=”Want to pay off debt quickly?” data-pin-description=”If you want to pay off your debt quickly, read this. This family paid off over $45,000 in just under 11 months and show you how to do it in your life. #payingoffdebtquickly #payingoffdebtfast #payingoffatonofdebt #payingoffstudentloandebt” src=”http://www.homeadditionla.com/wp-content/uploads/2021/01/how-we-paid-off-over-45k-of-debt-in-11-months.jpg” alt class=”wp-image-4826″ srcset=”http://www.homeadditionla.com/wp-content/uploads/2021/01/how-we-paid-off-over-45k-of-debt-in-11-months.jpg 400w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?resize=200%2C300&ssl=1 200w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?w=600&ssl=1 600w” sizes=”(max-width: 400px) 100vw, 400px” data-recalc-dims=”1″>

Jen Smith is a personal finance expert, founder of Modern Frugality and co-host of the Frugal Friends Podcast. Her work has been featured in the Wall Street Journal, Lifehacker, Money Magazine, U.S. News and World Report, Business Insider, and more. She’s passionate about helping people gain control of their spending.

Source: modernfrugality.com

Commercial Real Estate Student Loans

When Is the FAFSA Deadline?

admin 0 Comment

What Is the FAFSA Deadline? – SmartAsset

Tap on the profile icon to edit
your financial details.

The Free Application for Federal Student Aid is a form that students must submit each year if they need federal assistance for their undergraduate or graduate school courses. You may also need to fill out the FAFSA if you’re interested in receiving financial aid from a specific school, state or program. Wondering when you’ll need to complete the application? Let’s look at the FAFSA deadline for the federal government and states across the country.

See how long it’ll take to pay off your student loans.

What Is the Federal FAFSA Deadline?

The federal FAFSA deadline for the 2016-2017 school year is June 30, 2017. The federal deadline for the 2017-2018 school year is June 30, 2018. For each of these deadlines, students must submit their applications online (or through the mail) by midnight Central Time.

If students need to make any updates or corrections, they must do so by a deadline in September. For the 2016-2017 academic year, that deadline is September 9, 2017. For the 2017-2018 school year, that deadline is September 15, 2018.

As you can see, applications for federal financial aid technically aren’t due until the end of each academic year. That gives students who begin taking classes halfway through the school year a chance to complete their FAFSA forms.

But keep in mind that different states (and colleges) have their own deadlines. In other words, in order to receive financial aid from the institution you’re attending or the state you live in, you’ll likely need to fill out the FAFSA before June 30.

State FAFSA Deadlines

State FAFSA deadlines vary widely. For the 2017-2018 school year, the state of Connecticut had one of the earliest deadlines: February 15, 2017. Louisiana has the latest deadline: July 1, 2018. That’s a day later than the federal FAFSA deadline. But it’s recommended that students attending college in Louisiana submit their FAFSA forms by July 1, 2017.

Some states don’t have FAFSA deadlines at all. In these instances, students must check with their schools for financial aid form due dates. In other cases, states don’t have specific deadlines but ask students to submit their applications as soon as possible after the forms become available.

Following changes made by the Obama administration, FAFSA forms can be submitted as early as October 1 (beginning in 2016) instead of January 1. The new FAFSA gives families the chance to complete their forms using information from their most recent tax returns. In the past, parents and students had to use estimates and make changes to their forms after filing their taxes.

Not sure when your FAFSA form is due? You can visit the FAFSA website and find deadlines for your state. If you need to meet with a financial aid administrator, it’s important to do that as soon as possible. Colleges may have their own deadlines and some may require students to complete additional forms.

When Should I Apply for FAFSA?

If your school has a specific date for submitting FAFSA forms, it’s a good idea to meet that deadline. If you’re preparing to attend college for the first time, you’ll need to be aware of FAFSA deadlines for all the schools you’re interested in attending.

While you may be able to wait until the spring or summer to apply for financial aid, it’s best to complete the FAFSA as early as possible. If you wait until the last minute, your school or state may run out of money.

What Happens If I Miss the FAFSA Deadline?

Students must fill out the FAFSA every year if they need financial aid for the upcoming academic year. States and colleges occasionally offer assistance to late applicants. But if you miss your school or state’s FAFSA deadline, you run the risk of missing out on scholarships and grants.

If you can’t qualify for school-specific or state-level financial aid because you procrastinated, you could still be eligible for federal aid. The government allows students to participate in the Federal Work-Study Program and offers grants and scholarships in addition to student loans that must eventually be paid back.

If you miss the federal FAFSA deadline, you’re out of luck. You’ll have to find another way to pay for college or look into taking out a private student loan.

Final Word

If you need help covering the cost of college, you’ll need to avoid missing your FAFSA deadlines. Submitting your FAFSA as soon as possible will put you in the best possible position to take advantage of scholarships and other forms of financial assistance.

Photo credit: ©iStock.com/gawrav, ©iStock.com/DragonImages, ©iStock.com/Marjan_Apostolovic

Amanda Dixon Amanda Dixon is a personal finance writer and editor with an expertise in taxes and banking. She studied journalism and sociology at the University of Georgia. Her work has been featured in Business Insider, AOL, Bankrate, The Huffington Post, Fox Business News, Mashable and CBS News. Born and raised in metro Atlanta, Amanda currently lives in Brooklyn.
Read next article

Categories

Source: smartasset.com

Budgeting Debt Frugal Living Money Personal Finance Student Loans

Is Being Debt Free Worth it?

admin 0 Comment

This post may contain affiliate links. Please read my disclosure for more information.

I had a great talk with Millennial Money Man yesterday and my favorite piece of advice he gave me was to “write what you’re passionate about.” It took me literally five seconds to think of the one thing I’m really passionate about right now:

Getting out of debt.

A lot of people don’t understand why we’re doing this. They’re living great lives with money in the bank, shiny cars in the driveway, all with a six-figure negative net worth.

So why would I deprive myself in my 20’s, the “best” years of my life, to sacrifice 60% percent of our monthly income to pay the debt that’s very happily willing to sit there for as long as I want it to?

My Future Children

One of my goals is to foster and adopt children. I don’t have dreams of trust funds and private schools but I do see a lot of family vacations in our future. I want to make memories that I didn’t get a chance to make with my family when I was young.

And I want to teach my kids not just the value of staying out of debt but how to spend well and what it feels like to give generously. My parents never taught me personal finance and theirs never taught them. I want that cycle to stop with my kids.

Looming Interest

Before I buy something nonessential I think about the interest accumulating on my loans. I know it sounds trivial but I think that whatever I buy costs 6.55% more because those dollars could be going to pay down my debt. It’s not just a reason I want to get rid of debt I use it as motivation. I walk around stores and know that just because something’s a great deal doesn’t mean it’s worth having if it keeps my interest increasing.

Early Retirement

The idea of a 9 to 5 job has never interested me. I decided against med school because I thought being a doctor would take too much of my time away from my family and incur too much debt. So the thought of retiring early sounds fantastic. My mom started late and will be working well into her 70’s before she can retire. I’m starting now so that doesn’t happen to me.

I love the thought of us being empty nesters traveling to Europe, taking cruises, volunteering wherever we want whenever because we’re not bound to a work schedule!

And the more I read about people doing it, the more I know it’s possible. Getting out of debt started as a goal to save money on interest and has become a journey that’s taught me the value of financial freedom. So why am I wasting my best years depriving myself for “no reason?” Because it’s a lie that everyone has debt and student loans are good debt, or that you need debt to get ahead.

There are millennials with six-figure POSITIVE net worths and people retiring in their 30’s and 40’s. They’re not unicorns, they’re people who know the value of money and are working their freaking tails off to get what they want.

And I’m going to be one of them.

Is Being Debt Free Worth it?

Is Being Debt Free Worth it?

<img data-attachment-id="5002" data-permalink="https://www.modernfrugality.com/is-being-debt-free-worth-it/mf-is-being-debt-free-worth-it_/" data-orig-file="https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-Is-Being-Debt-Free-Worth-It_.jpg?fit=700%2C1350&ssl=1" data-orig-size="700,1350" data-comments-opened="1" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1"" data-image-title="Is being debt-free worth living on a shoestring budget?" data-image-description="

If you are wondering if paying off debt is still for you, read this. #debtpayofftips #moneytipsformillennials #howtogetoutofdebt

” data-medium-file=”https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-Is-Being-Debt-Free-Worth-It_.jpg?fit=156%2C300&ssl=1″ data-large-file=”https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-Is-Being-Debt-Free-Worth-It_.jpg?fit=311%2C600&ssl=1″ loading=”lazy” width=”311″ height=”600″ data-pin-title=”Is being debt-free worth living on a shoestring budget?” data-pin-description=”If you are wondering if paying off debt is still for you, read this. #debtpayofftips #moneytipsformillennials #howtogetoutofdebt” src=”http://www.homeadditionla.com/wp-content/uploads/2021/01/is-being-debt-free-worth-it.jpg” alt class=”wp-image-5002″ srcset=”http://www.homeadditionla.com/wp-content/uploads/2021/01/is-being-debt-free-worth-it.jpg 311w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-Is-Being-Debt-Free-Worth-It_.jpg?resize=156%2C300&ssl=1 156w, https://i1.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-Is-Being-Debt-Free-Worth-It_.jpg?w=700&ssl=1 700w” sizes=”(max-width: 311px) 100vw, 311px” data-recalc-dims=”1″>

Jen Smith is a personal finance expert, founder of Modern Frugality and co-host of the Frugal Friends Podcast. Her work has been featured in the Wall Street Journal, Lifehacker, Money Magazine, U.S. News and World Report, Business Insider, and more. She’s passionate about helping people gain control of their spending.

Source: modernfrugality.com

Debt Frugal Living Student Loans

Here Are The Best Student Loans of 2021

admin 0 Comment

#1: College Ave — Best for Flexibility

College Ave offers private student loans for undergraduate and graduate students as well as parents who want to take out loans to help their kids get through college. Variable APRs as low as 3.70% are available for undergraduate students, but you can also opt for a fixed rate as low as 4.72% if you have excellent credit. College Ave offers some of the most flexible repayment options available today, letting you choose from interest-only payments, flat payments, and deferred payments depending on your needs. College Ave even lets you fill out your entire student loan application online, and they offer an array of helpful tools that can help you figure out how much you can afford to borrow, what your monthly payment will be, and more.

Qualify in Just 3 Minutes with College Ave

#2: Credible — Best Loan Comparison

Credible doesn’t offer its own student loans; instead, it serves as a loan aggregator and comparison site. This means that, when you check out student loans on Credible, you have the benefit of comparing multiple loan options in one place. Not only is this convenient, but comparing rates and terms is the best way to ensure you get a good deal. Credible even lets you get prequalified without a hard inquiry on your credit report, and you can see loan offers from up to nine student lenders at a time. Fixed interest rates start as low as 4.40% for borrowers with excellent credit, and variable rates start at 3.17% APR with autopay.

Compare Dozens of Rates at Once with Credible

#3: Sallie Mae — Best for Low Rates and Fees

Sallie Mae offers its own selection of private student loans for undergraduate students, graduate students, and parents. Interest rates offered can be surprisingly low, starting at 2.87% APR for variable rate loans and 4.74% for fixed-rate loans. Sallie Mae student loans also come without an origination fee or prepayment fees, as well as rate reductions for students who set up autopay. You can choose to start repaying your student loans while you’re in school or wait until you graduate as well. Overall, Sallie Mae offers some of the best “deals” for private student loans, and you can even complete the entire loan process online.

Get Access to Chegg Study FREE with Sallie Mae

#4: Discover — Best for No Fees

While Discover is well known for their excellent rewards credit cards and personal loan offerings, they also offer high-quality student loans with low rates and fees. Not only do Discover student loans come with low variable rates that start at 3.75%, but you won’t pay an application fee, an origination fee, or late fees. Discover student loans are available for undergraduate students, graduate students, professional students, and other lifelong learners. You can even earn rewards for having a 3.0 GPA or better when you apply for your loan, and Discover offers access to U.S. based student loan specialists who can answer all your questions before you apply.

Apply for a Loan with Discover

#5: Citizens Bank — Best Student Loans from a Major Bank

Citizens Bank offers their own flexible student loans for undergraduate students, graduate students, and parent borrowers. Students can borrow with or without a cosigner and multi-year approval is available. With multi-year approval you can apply for student funding one time and secure several years of college funding at once. This saves you from additional paperwork and subsequent hard inquiries on your credit report. Citizens Bank student loans come with variable rates as low as 2.83% APR for students with excellent credit, and you can make full payments or interest-only payments while you’re in school or wait until you graduate to begin repaying your loan. Also keep in mind that, like others on this list, Citizens Bank lets you apply for their student loans online and from the comfort of your home.

#6: Ascent — Best Student Loans with No Cosigner Required

Ascent is another popular lender that offers private student loans to undergraduate and graduate students. Variable interest rates start at 3.31% whether you have a cosigner or not, and there are no application fees required to apply for a student loan either way. Terms are available for 5 to 15 years, and Ascent even offers cash rewards for student borrowers who graduate and meet certain terms. Also note that Ascent lets you earn money for each friend you refer who takes out a new student loan or refinances an existing loan.

Get a Loan in Minutes with Ascent

#7: Earnest — Best for Fair Credit

Earnest is another online lender that offers reasonable student loans for undergraduate and graduate students who need to borrow money for school. They also offer a free application process, a 9-month grace period after graduation, no origination fees or prepayment fees, and a .25% rate discount when you set up autopay. Earnest even lets you skip a payment once per year without a penalty, and there are no late payment fees. Variable rates start as low as 3.35%, and you may be able to qualify for a loan from Earnest with only “fair” credit. For their student loan refinancing products, for example, you need a minimum credit score of 650 to apply.

Learn Your Rate in Minutes with Earnest

#8: LendKey — Best for Comprehensive Comparisons

LendKey is an online lending marketplace that lets you compare student loan options across a broad range of loan providers, including credit unions. LendKey loans come with no application fees and variable APRs as low as 4.05%. They also have excellent reviews on Trustpilot and an easy application process that makes applying for a student loan online a breeze. You can apply for a loan from LendKey as an individual, but it’s possible you’ll get better rates with a cosigner on board. Either way, LendKey lets you see and compare a wide range of loan offers in one place and with only one application submitted.

Pay Zero Application Fees with LendKey!

How to Get the Best Student Loans

The lenders above offer some of the best student loans available today, but there’s more to getting a good loan than just choosing the right student loan company. The following tips can ensure you save money on your education and escape college with the smallest student loan burden possible.

Consider Federal Student Loans First

Like we mentioned already, federal student loans are almost always the best deal for borrowers who can qualify. Not only do federal loans come with low fixed interest rates, but they come with borrower protections like deferment and forbearance. Federal student loans also let you qualify for income-driven repayment plans like Pay As You Earn (PAYE) and Income Based Repayment (IBR) as well as Public Service Loan Forgiveness (PSLF).

Compare Multiple Lenders

If you have exhausted federal student loans and need to take out a private student loan, the best step you can take is comparing loans across multiple lenders. Some may be able to offer you a lower interest rate based on your credit score or available cosigner, and some lenders may offer payment plans that meet your needs better. If you only want to fill out a loan application once, it can make sense to compare multiple loan offers with a service like Credible.

Improve Your Credit Score

Private student loans are notoriously difficult to qualify for when your credit score is less than stellar or you don’t have a cosigner. With that in mind, you may want to spend some time improving your credit score before you apply. Since your payment history and the amounts you owe in relation to your credit limits are the two most important factors that make up your FICO score, make sure you’re paying all your bills early or on time and try to pay down debt to improve your credit utilization. Most experts say a utilization rate of 30% or less will help you achieve the highest credit score possible with other factors considered.

Check Your Credit Score for Free with Experian

Get a Quality Cosigner

If your credit score isn’t at least “very good,” or 740 or higher, you may want to see about getting a cosigner for your private student loan. A parent, family member, or close family friend who has excellent credit can help you qualify for a student loan with the best rates and terms available today. Just remember that your cosigner will be liable for your loan just as you are, meaning they will have to repay your loan if you default. With that in mind, you should only lean on a cosigner’s help if you plan to repay your loan amount in full.

Consider Variable and Fixed Interest Rates

While private student loans offer insanely low rates for borrowers with good credit, their variable rates tend to be lower. This is why you should always take the time to compare variable and fixed rates across multiple lenders to find the best deal. If you believe you can pay your student loans off in a few short years, a variable interest rate may help you save money. If you need a decade or longer to pay your student loans off, on the other hand, a low fixed interest rate may provide you with more peace of mind.

Check for Discounts

As you compare student loan providers, make sure to check for discounts that might apply to your situation. Many private student loan companies offer discounts if you set your loan up on automatic payments, for example. Some also offer discounts or rewards for good grades or for referring friends. It’s possible you could qualify for other discounts as well depending on the provider, but you’ll never know unless you check.

Beware of Fees

While the interest rate on your student loan plays a huge role in your long-term loan costs, don’t forget to check for additional fees. Some student loan companies charge application fees or prepayment penalties if you pay your loan off early, for example. Others charge origination fees that tack on a few additional percentage points to your loan amount right off the bat. If you can find a student loan with a low interest rate and no additional fees, you’ll be much better off. Since loan fees may not be prominently advertised on student loan provider websites, however, keep in mind that you may need to dig into their fine print to find them.

Make Payments While You’re in School

Finally, no matter which loan you end up with, it makes a lot of sense to make payments while you’re still in school if you’re earning any kind of income. Even if you make interest-only payments while you attend college part-time or full-time, you can save yourself from paying thousands of dollars in additional interest payments later in life. Remember that compound interest can be a blessing or a curse. If you can keep interest at bay by making payments while you’re in school, you can squash compound interest and keep your loan balances from growing. If you let compound interest run its course, on the other hand, you may wind up owing more than you borrowed in the first place by the time you graduate school and start repayment.

What to Watch Out For

A private student loan may be exactly what you need in order to finish your degree and move up to the working world, but there are plenty of “gotchas” to be aware of. Consider all these factors as you apply for a new private student loan or refinance existing loans you have with a private lender.

In Summary: The Best Student Loans

Reader Interactions

goodfinancialcents.com

Debt Home Design Student Loans

How I Paid Off $40,000 In Student Loans in 7 Months

admin 0 Comment

Want to learn how to pay off student loans? With my student loan repayment plan, I was able to pay off $40,000 in student loan debt in 7 months!

Want to learn how to pay off student loans? With my student loan repayment plan, I was able to pay off $40,000 in student loan debt in 7 months!Want to learn how to pay off student loans? With my student loan repayment plan, I was able to pay off $40,000 in student loan debt in 7 months! One of the best ways to save money is to finally get rid of those pesky loans that are hurting your financial situation.

Learning how to pay off student loans can lead to many positives, such as:

I know these things are true because learning how to pay off my student loans is one of the best decisions that I’ve ever made.

No, it wasn’t easy to pay off my student loans that quickly, but it was definitely worth it. No longer having those monthly payments hanging over my head is a HUGE relief, and it allowed me to eventually leave my day job and travel full-time.

Related posts on how to pay off student loans:

How to pay off student loans and create a great student loan repayment plan:

Total how much student loan debt you have.

The very first thing that I recommend you do if you want to learn how to pay off student loans is to add up the total amount of student loans that you have.

When you total your student loans, do not just estimate how much student loan debt you have.

You should actually pull up each student loan and tally everything, down to the penny. By doing so, you will have a much more realistic view of exactly how much you’re dealing with.

Plus, the average person has no idea how much student loan debt they have! Usually, they have far more than they originally thought.

Understand your student loans better.

There are many people who simply do not understand their student loans. There are many things to research so that you can create the best student loan repayment plan, and this will also help you understand your loans and interest rates.

You should understand:

I recommend that you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more. You can also connect accounts, such as your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more. Plus, it’s FREE.

Determine if refinancing your student loans is right for you.

Student loan refinancing is when you apply for a new loan that is then used to pay off your other student loans. This may be a good option if your credit history or credit score is better than when you originally took out your student loans.

By refinancing your student loans, you may qualify for better repayment terms, a lower interest rate, and more. This is great because it may help you pay off your student loans quicker.

The positives of refinancing student loans include:

Some companies, like Credible, allow you to refinance your federal student loans as well as your private student loans into one. On average, refinancing can save you thousands of dollars on your loan, which is amazing!

However, before refinancing a federal student loan, you will want to think about different federal benefits that you may be giving up. You may give up income-based repayment plans and loan forgiveness for those who have certain public service jobs (such as jobs at public schools, the military, Peace Corps, and more). By refinancing federal student loans, you are giving up any future option to these.

Read further at: Consolidating And Refinancing Student Loans – What You Should Know.

Related tip on how to pay off student loans: I highly recommend Credible for student loan refinancing. They are the top student loan refinancing company and have great customer service! You can significantly lower the interest rate on your student loans which may help you shave thousands off your student loan bill over time. Through Credible, you may be able to refinance your student loans at a rate as low as 2.14%! Plus, it’s free to apply and Credible is giving Making Sense of Cents readers a $100 bonus when they refinance.

Reduce your interest rate for your student loan repayment plan.

As I stated earlier, if you automatically pay your student loans each month or consolidate them, then sometimes you can get an interest rate reduction.

With Sallie Mae, I believe the reduction is 0.25%.

That may not seem significant, but it is something! Remember, every little bit counts when it comes to having a good student loan repayment plan.

Create the best budget.

If you don’t have one already, then you should create a budget immediately. This will help you learn how to pay off student loans as you’ll learn how to manage your money better.

Budgets are great, because they keep you mindful of your income and expenses. With a budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.

Learn more at How To Create a Budget That Works.

Look for more ways to earn money.

Making extra money can allow you to pay off your students loans quickly because there is no limit to how much money you can make.

Finding ways to make extra money is how I was able to pay off my student loans so quickly!

And trust me, you probably do have time in your day to make extra money.

Just think about it: The average person watches 35 hours of TV a week and spends around 15 hours a week on social media. If you could use that time better and make more money with those extra hours, you’ll be able to pay off your student loans in no time!

Here are some ways to make more money so that you can learn how to pay off student loans:

Related articles that will help you learn how to pay off student loans:

How to pay off your student loans – Find ways to reduce your expenses.

The next step is to cut your budget so that you can have a faster student loan repayment plan. Even though you may have a budget, you should go through it line by line and see what you really do not need to be spending money on.

There’s probably something that you’re wasting your money on.

Until you write it down in your budget, you may not realize how much money you are wasting on things you don’t need. And, remember, it’s never too late to start trimming your budget and to put your money towards important things like paying off student loans!

Even if all you can cut is $100 each month, that is better than nothing. That’s $1,200 a year right there!

Some expenses you may be able to cut include:

See if your employer will reimburse your student loan debt.

Some companies will pay your student loans quickly if you work for them. I even know of someone who receives a $2 bonus for each hour that she works to put towards her student loans.

$2 may not seem like a lot, but if you work full-time, then that’s over $300 a month. $300 a month for student loans is a good amount! And, because it’s free money, it can all be put towards paying off your student loans quickly.

Create a plan to pay off your student loans.

After you have completed the steps above, you’ll want to put it all together and create a plan.

Without a plan, you would just be all over the place, making it difficult to reach your goal of learning how to pay off student loans.

You should create a plan that details the steps you need in order to pay off your student loans, what will happen as you reach each step, when and how you will track your progress, and more.

Being detailed with your plan will help you reach your goal and become successful.

Stay motivated with your student loan repayment plan.

Finding motivation can be a hard task for anyone. Motivation is important because it can help you keep your eye on the goal even when you want to quit. Motivation will help you continue to work hard towards your goal, even when it seems impossible. Motivation is what keeps you going so that you do not quit.

Yes, student loan repayment can seem very stressful when you think about it. Many people owe thousands and thousands in student loans.

And, no matter how young or old you are, learning how to pay off student loans can seem difficult or even near impossible. However, think about your goal and how good life will be once all of your student loan debt is gone.

Please try to not let your student loans get you down. Think positively and attack that debt so that you can pay off your student loans fast!

Trust me, once you finally pay off those pesky student loans, you’ll be happier than ever!

Related post on how to pay off student loans: 8 Ways To Get Motivated And Reach Your Goals

Pay more than the minimum if you want to learn how to pay off student loans!

The point of what I’ve written above is to help you pay off your student loans. However, you can always go a little bit further and pay off your student loans more quickly.

The key to speeding up your student loan repayment process is that you will need to pay more than the minimum each month.

It may sound hard, but it really doesn’t have to be. Whatever extra you can afford, you should think about putting it towards your student loans. You may be able to shave years off your student loans!

What other ways can a person learn how to pay off student loans? What’s your student loan repayment plan?

Related Posts

<!–
–>

Source: makingsenseofcents.com