#4 Refinance
I will caution you on this one since you are going to be paying off your debt as quickly as you can it may not make any sense. The interest rate is not the problem the debt itself is the problem.
If you decide to refinance make sure you don’t have to pay loan origination fees or any fees at all. You will want the new interest rate to be at least 1% less than your current rate.
So on a $35,000 outstanding loan a 1% interest rate reduction will save you $350. Do your homework, how much sooner will this debt be paid if I save $350?
Each situation is different, I will not tell you not to refinance but I will tell you do the calculation and understand what an interest rate reduction will save you and how much sooner you will be debt free.
#5 Seek loan forgiveness programs
Let’s begin this discussion with the reality that most programs are not worth your time. Often they require you to work in an underserved area that may or may not be safe. They also require you to work for three to five years and as an added incentive you are paid less than market for the work you do.
Do your homework get all the facts and make an educated decision. If you want to give back to an inner city and make less while doing it and be debt free in five years then go for it. Be careful here in that some may require you to pay back if you don’t fore fill the entire time period.
You may not get any of the forgiveness until after you have fore filled the five years which means you will need to make payments for the five years.
Understand what you are getting into and what the pros and cons are if you decide to go in this direction.
#6 Ask your boss for help
Well not your boss directly but the company you work for. Many companies may have some sort of student loan debt help. It most likely will require you to stay for a period of time. For example they may pay $5,000 per year but you may need to stay two years beyond the last payment.
You need to decide if you are going to stay at this company. If you like your job and the folks you work with this may not be a big deal.
It is an individual decision. If you leave sooner you may be required to repay the money you received to pay off the debt. To make sure you do not hand cuff yourself you may want to have this amount set aside. If your company advances you $5,000 and you use it to pay off your debt you may still owe it but to your employer. Unless of course you stay for the required period of time. If you do and don’t have to repay the money given to you, you will have some extra money. Not so bad. Create yourself this little insurance policy.
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