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About Student Loans: Fact And Figure


Student loans are an unfortunate reality for many college graduates. The average graduate in the class of 2016 finished with $37,172 in student loan debt. And, according to Forbes, that number is only going up. To make matters worse, new grads aren’t making a lot. In fact, recent graduates earned a median wage of just $35,000 in 2016. That means it will take years and years before they can pay off their debt. But there’s hope! This handy guide will teach you nine ways to get your student loan balance to zero in record time.


You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is rule number one. It is the only rule.”

Robert Kiyosaki

The Truth About Student Loans

The truth is that student loans are just another form of debt. They aren’t something you can pay off one or two years down the road, like a car loan.

The most common reason people borrow money is because they haven’t saved enough for retirement. Some people think that if they save enough money, they’ll never have to worry about paying back their student loans. While it’s true that the longer you wait to pay off your student loans, the more interest you’ll accrue and the harder it will be to get out of them, this is not a problem in and of itself. If you’re paying off your loans within five years, then by all means go ahead and pay off your student loans as quickly as possible and get a head start on retirement!

Students who are excited to become college graduates soon realize that they have a lot of debt. It’s a great feeling because it means that you’ve done something right. However, students who don’t plan ahead will quickly find themselves in serious debt.


It’s more important to grow your income than cut your expenses. It’s more important to grow your spirit that cut your dreams.

Robert Kiyosaki

What To Remember About Student Loans

The goal of student loans is to pay off as much debt as you can. You can’t do that until you’re making enough money to afford payments. That means student loans are a long-term investment. Students often don’t know this when they take out student loans. They think, “I’ll just pay off this loan and then I’m done.”

That’s not an option for the majority of students who will pay back their loans in 20 years or more. It’s important to keep in mind that your student loan is like any other financial obligation: It will take up some of your discretionary income so be aware that you’ll have to make other sacrifices because of it.

One of the most important things to keep in mind when you’re thinking about your student loans is that you’ll be paying them off for the rest of your life. This can seriously affect your budget and even cause you to miss opportunities. It’s easy to forget this fact, but it still matters a lot.

What do I mean when I say “It matters?” It matters because in order to get the maximum out of your student loans, you need to think carefully about what you pay on them and how long you’ll pay off each payment. You should also be aware of how much interest will be added onto those payments each year so that you don’t accidentally increase your debt burden further.


College is hard enough for many people. But with the right assistance, you can get through it faster and make the most of your education.

The college student who is trying to decide which school to go to is faced with a very difficult decision. Should they take a more affordable option that has the potential of paying off their student loans quickly or should they take the risk and go with a more expensive school that may not pay them back as quickly?

Yousponsoring, founded in 2009 by Jason Mueller, provides students with the tools for making smart college decisions, including help with financial aid eligibility and how to save money. The best part? They don’t require you to earn a degree before we help you find the right school.

Read Also:

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Micro Loan Investment: Definition, Benefits and Risks

Auto Loan Tips: 9 Powerful Secrets For You

How To Find Cheap Car Loans Near Me


The only difference between a rich person and poor person is how they use their time.

Robert Kiyosaki

9 Tips To Pay Off Student Loans Quickly

Too many people think about the fact that they should never have taken college courses and should have bought a home before buying a car. They should also have known that when you study, you get better at everything. However, too often people who try to prove they are better than others by studying others are stifled by their own limitations. This is especially true when it comes to about student loans. A lot of people think that learning is a one time event. They need to be aware of the fact that they will be paying them back for the life of them. The goal is not to pay off all of your student loans as quickly as possible, but to make the most out of them asunder. But with these nine tips, you’ll be able to get those loans paid off quickly and finally start living your life!

1. Find The Best Lender

Perhaps one of the most influential factors when figuring out how fast you can pay off your student loans is the interest rate. Ideally, you want a low apr and short-term payments. The goal is to make as many payments as possible before paying anything else (including housing and food). With this mindset and a good lender, you’ll be on your way to getting those loans paid off much faster than expected!

2. Negotiate For A Lower Interest Rate

If your interest rate is high, negotiating for a lower one might be the answer to your problems. You will likely have more than one option so don’t settle for the first offer you get!

Make sure you research each lender and their rates before deciding which one is right for you.

3. Keep Up With Monthly Minimum Payments

While we’re on the subject of making monthly minimum payments, never skip them!

Paying off your student loan debt doesn’t have to be a long, arduous process. In fact, it can be a fairly easy task. If you’re willing to put in a little work and prioritize paying off your loans, you could be debt-free in no time.

One of the most effective ways to get rid of debt quickly is by cutting your monthly payments. One way to do this is with an income-driven repayment plan like Pay As You Earn (PAYE). With PAYE, you make payments based on how much money you make and the interest rate on your loan is capped at 10 percent. This strategy is especially helpful if your interest rates are high.

Another good point: Under PAYE, there’s no limit on the total amount of money that can be forgiven for undergraduate loans if they’re not repaid after 20 or 25 years. That means you might not have to pay anything back!

If you don’t qualify for PAYE, there are other options available such as consolidating your loans or getting a cosigner so that you can qualify for a different repayment plan like Income-Based Repayment (IBR) or Revised Pay As You Earn (REPAYE).


The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left.

Robert Kiyosaki

4. Cut Out Unneeded Expenses About Student Loans

One of the best ways to get your student loan balance to zero is by cutting costs. You might be surprised at how much you can save by eliminating some of your less-important expenses.

For example, maybe you could reduce your monthly cable bill to $30 a month, cut out Netflix and Hulu, and spend an hour each day offline reading articles for enjoyment. That’s a combined savings of up to $260 a month and you’ll still be able to stay connected with friends and family through social media and other online platforms.

When it comes to finances, every little bit counts! When choosing what expenses to cut out, start with things that are easy on your wallet but also don’t help you grow as a person or as a professional. They may seem like necessities now, but they won’t matter as much once you’re debt-free!

5. Get A Second Job About Student Loans

If you’ve finished school and are lucky enough to have a job, congratulations! But if you’re starting to feel the strain of your student loan payments, there may be another way.

Many college graduates are looking for work elsewhere to help pay off their bills. And if you’re not making any money at your first job, why not find one that can put some extra cash in your pocket?

This isn’t an easy solution. It will take time for you to build up the income from a second job so it can cover your monthly payments on your loans. But if you want to get out of debt quickly, this is one way of doing it.

Of course, you’ll need to have enough time in between shifts at both jobs so you can enjoy some free time. You’ll also need to weigh out the pros and cons of taking on another shift that could ultimately stress your body or cause exhaustion.

But if it’s worth it for you, consider picking up a second shift—it just might help move your balance toward zero faster!


Money is not the goal. Money has no value. The value comes from the dreams money helps achieve.

Robert Kiyosaki

6. Live Like A College Student For A Little While

If you still have student loans, it’s time to get serious. One of the easiest ways to pay off your debt is by living like a college student for a little while.

This doesn’t mean you need to live in your parents’ basement and eat ramen noodles every day. It just means that you won’t go on an expensive vacation or buy all the clothes you see online. You’ll prioritize paying off your student loans over spending money on yourself for a little while.

You don’t have to live like this forever! Just focus on getting rid of your debt before making any big purchases again. And once you’re free from student loan debts, reward yourself with some goodies.

It’s worth it!

7. Get The Job That Pays The Most

It’s no secret that salaries are growing at a slower rate than inflation. For example, the average wage in the United States was $35,000 in 2016. That number is substantially lower than the average wage of $50,000 in 2000.

If you want to pay off your student loan quickly, it’s important to focus on landing a job with a high salary. You can use this strategy for all sorts of things: car loans, credit card debt—even your mortgage!

With a higher salary, you’ll be able to afford more and put more money towards your student loan and other payments. It’s important to think about what might happen if you get into a low-paying field and then lose your job. What will you do? This article will teach you how to avoid getting into that situation by taking steps while you’re still in college to secure a high-paying job (like an engineering or medical degree).

8. Accelerate Your Payments With An Income-Driven Repayment Plan

One of the best ways to chip away at your student loan balance is by enrolling in an income-driven repayment plan. Income-driven repayment plans, like REPAYE and PAYE, are designed to help you get your student loan debt down to zero by making your monthly payment fit your budget.

If you’re wondering how this works, here’s a quick breakdown: Income-driven repayment plans will base your monthly payment on a percentage of your discretionary income. For example, if you make $30,000/year after taxes, your monthly payment would be about $255. As you make more money over time, the percentage of your discretionary income will decrease and so will your monthly payment.

The only downside? It might take longer to pay off your loans if you choose an income-driven repayment plan. But it doesn’t matter how long it takes! As long as you’re paying less per month than what you would have paid under the standard 10 year plan, then it makes sense to enroll in an income-driven repayment plan.

It’s important to note that some lenders offer other types of programs with different incentives for customer loyalty – so learn all about all options before deciding on one!


Academic qualifications are important and so is financial education. They’re both important and schools are forgetting one of them.

Robert Kiyosaki

9. Beware Of Student Loan Forgiveness Scams

However, there are some scams out there that will take your money without actually giving you any of the benefits of student loan forgiveness.

Student loan forgiveness scams are especially prevalent online. The best way to identify one is to look for ads promising “student loan forgiveness.” They’ll ask you to wire money or pay a fee upfront. It might sound like a good idea in the moment, but it’s not. Avoid these scams and stay away from anyone who asks for money upfront in exchange for help with your debt.

The Department of Education has an excellent resource about student loans and repayment plans for those who want more information. Visit their website at for information on how to repay your student loans and how different repayment plans can help you get rid of debt sooner!

Conclusion About Student Loans

It’s not too late to get started. With these 9 tips, you can pay off student loans quickly and move on with your life.

To find the right plan for you, consider your income, family size, loan type and other factors to find the best personal loan for you.

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