How to Get Out Of Debt: Student Loan Pains
Student loan repayments are an albatross that brings young people down. You finish college and think you own the world. And, for six months, you do. But, you stroll down to your mailbox, and look in to see a brand new shiny coupon book courtesy of your friends in the government.
Suddenly, for seemingly the rest of your life Sally Mae owns you. So, How to get out of debt? Student loan debt is a very difficult debt to discharge. Basically, short of your death, lifelong imprisonment, or permanent disability you are stuck with them. But, there are some options for you that can make the process a bit more bearable.
What You Talking 'Bout, Willis?
Well, first, contrary to urban legend you are not going to jail for not paying back your student loans. Jail may be a place for you to contemplate exactly, ‘How to get out of debt?', and as much as the collection people would like to send you there; it is not going to happen.
How to get out of debt? Well, you won't get out of debt, but you could go right back to school. Assuming you have not defaulted on your loans and have remained in good standing with your university you can defer payment on most, if not all, of your student loans if you go back. Some people find it actually cheaper to keep going to school rather than try and pay back their student loans.
Come on Now, How do I Get Out of Debt?
Okay, so, you do not wish to spend the rest of your life taking tests in a classroom. Perhaps, you can try to stand in front of one instead. There are many programs, for example, Teach for America, that allow college graduates to become teachers in poorer school districts across America.
These programs allow for significant reductions in student loan debt, and offer alternative paths to certification. In addition, the program provides a stipend to help with your living expense. And, it looks great on a resume for the young graduate heading into the workforce.
I Just Got Out of School. I Want a Break!
So, the classroom is not your thing, but you still want to find an easier way as to the question of 'How to get out of debt?' Other federal programs, such as the Peace Corps, AmeriCorps, and similar programs offer recent college graduates the opportunity to pay back student loan debt.
In addition, the programs provide a nominal bonus at the completion of the term. This money could be used to pay down your student loan debt even further. If you are still in school you can talk your financial aid staff to answer your questions about how to get out of debt. There are ways to figure out a manageable repayment plan. You just need to keep asking the right questions to the right people about how to get out of debt.
