woman wearing black square academic cap

How to Get Rid of Student Loan Debt Once and For All

woman wearing black square academic cap
Photo by Wildan Zainul Faki on Pexels.com

Student loan debt continues to be one of the biggest responsibilities among Millenials to date. Currently, there is a total of 1.53 trillion dollars of outstanding debt around the country. That’s an average of one out of every four individuals who are struggling to pay for their college education well those graduation years.

The hassle of trying to pay off debt in addition to regular monthly expenses can be downright depressing, stressful, and demanding — while draining your finances at the same time. But, just because you may be still on your debt repayment journey …doesn’t mean that you have to live a life of despair… or put off your life goals such as buying a home, starting a family, or traveling the world. You can get rid of your student debt once and for all.

Presidential Relief Programs

Recently President Biden passed a law that provided almost 100,000 borrowers who had attended for-profit colleges full relief of their entire student loan balances. If you are one of the borrowers who attended college at an institution that was abruptly shut down for defrauding students of proper education, false job outlook expectations, or dubious loan practices then you qualify to have your debt wiped away…

Some other forms of presidential debt relief include the following:

  • Waivers for debt discharge due to permanent disability
  • Payment moratoriums on all federal, subsidized/unsubsidized, or private loans
  • Expansion of the Student Loan Forgiveness Program
  • Continuation of interest deferment until September of 2021

Start a Side Hustle

In the past five years, more than three million individuals have joined the ranks of freelance professionals—which brings the total to more than fifty million people who either work for themselves part-time or full-time.

This is one of the best ways to gain some extra money to pay off those student loans. With a side hustle, you can earn anywhere from a few hundred per week to an extra couple thousand dollars per month. And with the current interest rates sitting at 0.00% until the fall semester, there’s no better time to take advantage of principle-only payments if you haven’t done so already.

Apply for a Scholarship

These days many more students are excelling academically than ever before and colleges are starting to take notice. Scholarships used to be awarded to just an elite few— but now practically anyone with outstanding grades and for extracurricular activities can enjoy a full ride. That’s a lot of free money or otherwise tuition that you won’t have to pay, You’ll be enjoying a full two or four-year college education. If you’re a candidate for post-graduate education then the discount will go a long way towards your financial stability when starting out with your career.

College graduates due to benefactors for low income students
Image Credit: NBC News

Free College Tuition Programs

The University of Michigan made big news a few years back when they unveiled a program to provide free college tuition to students in a certain income bracket. As it gained traction many other colleges announced similar programs—including colleges in over twenty-four states. Each college has its own requirements such as in-state residency, and income requirements. If you currently —or soon plan to live in one of the places below then you may want to research the application process …

  • Tennessee
  • New York
  • Maryland
  • Michigan
  • Hawaii
  • Texas
  • Montana
  • Minnesota
  • West Virginia
  • Washington

Many other states are being added each year so it’s a good idea to check for regular updates when you begin college planning…

Public Service Forgiveness

Public Service Loan Forgiveness has been instituted over the past decade to allow forgiveness of up to 100 percent of a student loan balance… The premise is that you work in public services such as a healthcare provider, lawyer, teacher, policeman, firefighter, and many other professions where you are of service to the citizens.

Once you’ve completed ten years of steady, on-time payments —as well as annual certifications via your employer/self-employment paperwork, then the federal government will decide to cancel out the remainder of your loan balances.

College isn’t easy and the increased tuition prices didn’t make it any better when it came to making the decision on which institution to attend. Whether it’s a two, four, or ten-year program, you have a right to an education… So with some smart planning and determination, the financial costs of your Alma Mater don’t have to weigh you down forever.

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