According to a recent poll by The Washington Post, 70% of student borrowers would rather have a payment made towards their student loans instead of a fancy gift to unwrap this year.
With the student debt crisis crippling in at over 1.4 trillion dollars, it’s no wonder that getting these massive debts paid off is at the top of so many borrowers’ wish lists. If for some reason you don’t receive a, “paid in full” present this year, below are 3 ways you can give yourself the gift of a boosted budget!
1.) Consolidate your student loans into a repayment plan that you can actually afford!
Are you breaking the bank in a high Standard Repayment Plan each month? If your student debt is basically competing with your rent for the most expensive bill in the house, you might want to consider a consolidation and income dependent repayment plan. The Department of Education offers tons of great programs to help borrowers just like you drastically LOWER their monthly payments for those who qualify. If you’re struggling to make ends meet, click the “Get Started” link at the bottom of the page; or, give one of our experts a call direct at 866.884.5021 to help you navigate through your options and accurately file for your favorite.
2.) Cut corners! Here’s how…
Ever sit down and really look at where all of your money goes? Those $4 coffees and $10 work lunches can really add up. One of the best things you can do for your bottom line is learn more about where your cash goes and cut little corners wherever you can. Tip #1: trim your food cost. Always bring your lunch to work/school and cook instead of dinning out (at least a few nights a week). Side note: soups and pastas go a long way when you’re stretching your dollar; plus they’re easy, delicious and can last for days! Tip #2: cut the cord. If you’re still flipping through cable, reduce your services to internet only and purchase streaming apps instead. Even when you have several, it can still be way cheaper than basic cable. Last but not least, Tip #3: lower your current bills. How? Glad you asked. Over time, cell phone carriers, gyms and insurance companies tend to raise their rates on current clients. Every 6 months or so, call around and see if you can get a better deal elsewhere. If another company is offering a lower rate (always be on the lookout for sales and special offers) your current provider will typically match that price IF you call and ask. If they don’t, jump ship and go for the better deal. P.S. If you’re already a PREmium Docupop member, head to www.worthyy.com for expert budgeting tools and even more money saving tips and coupons.
3.) Get a side hustle!
Still not making ends meet? Make extra money in your spare time with a sweet side hustle. Become a ride share driver or an Isagenix rep. They can make great money and have the freedom to work when they want for however long they want. Be your own boss while earning the extra cash you need to pay down your loans or even to get that special purchase you’ve had your eyes on. (DocuPop is not affiliated with Isagenix. Always be sure to do your own research and look into these companies to see if they’re a good side hustle fit for you.)
Ready to start step one? Click below to see which great student loan repayment programs you qualify for today!
Disclaimer: DocuPop is a private company, not affiliated with the Department of Education. The DOE offers several programs that may offer lower monthly loan payments for borrowers who meet the qualifications based on income and family size. Lower monthly payments may lead to longer student loan maturity periods, increasing the total amount of interest over the life of the loan. The DOE also offers programs that may forgive some or all of the borrower’s loan balance. The Public Service Loan Forgiveness program (PSLF) is based on the number of qualified payments made under the program while working full-time for a qualifying employer. Other programs require a specific number of qualifying payments and then forgive the remaining balance once those payments are completed, without any public service obligation. Depending on the type of forgiveness, any amounts forgiven may be treated as taxable income for income tax purposes, please consult your tax professional. More information can be found on the DOE website: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation
*Links to third-party web sites are provided for convenience only. DocuPop does not endorse nor support the content of third-party links. DocuPop is not responsible for the content of a third-party website. By clicking on a third-party link, you will leave the DocuPop website. Privacy and security policies may differ from those practiced by DocuPop.