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What is the fastest way to get rid of student loan debt?

Ubiquitous asked:

I’m paying off a lot of credit card debt and currently have my student loans in a deferral status. But the big monthly payments will start up again at the end of this year.

Aside from trying to “drop off the radar screen” or looking for a much better-paying job that would quickly burn me out, I’m curious if anybody has any leads on this matter.

Thanks!

PS: Don’t recommend declaring bankruptcy because student loan debt is exempt from that.
Asked on: 2012-08-21 23:42:14

3 Comments

  1. Gem says:

    Work more than one job to pay it off faster.

    There is no magic fix and you might as well get used to having to work more than one job to survive.

    The days of little work and huge pay are long gone, unless you go to work for the government–and even that is only going to last a little while longer.

    Good luck

  2. wisegirl74 says:

    OK so first of all always keep in mind that federal student loans are not bankruptable. So if you ever think of filing bankruptcy you still have to pay for those.

    In order to attack this debt you first have to write out a budget and pay off your consumer debt on a “snowball method” which is you roll over the payments to the next step and add it to the minimum payment and that will add to the point it will be a big chunk of money to be applied to the student loan. But you have to really be diligent on getting this paid off. Otherwise it will take you forever.

  3. Sultan A says:

    Hi Gregory,

    I am not going to tell you to use strategies to deal with this problem (live through it) or put small payments and set up agreements which you’ll have to work out how much and when you can manage etc.

    While that above is still good to know yet it’s not the smartest way or the winners attitude to excel through it. I think student loans are a drag and all debts suck, but believe me they could be the right reasons to propel you into a better situation … or even to financial freedom as it has done so for many people out there.

    Here is my suggestion:

    Instead of trying to just solve this why not just look into this extra-ordinary club which helped me -as I am confident that it will help you too- not only get the student loan paid off in full but also move on to a higher level of income in ways you never believed possible.

    Just check it out, give it five minutes of your time and ask yourself honestly “How does this sound to me?” … I’m sure it’s nothing like you ever heard of before. It has made me money the first week I joined.

    Click on the link below and just give it five minutes of your time

    Just five minutes … :)

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