Unusual Ways Graduates Can Pay Off Their Loans

Written by Mike

Topics: Debt

There is no doubt getting a college education can be great for anyone’s future career. The downside is the huge expense for students. Many students take out loans to cover their education and before they even start working they are often deeply in debt. A recent study revealed that four out of ten students never pay there student loans, but there are some unusual ways that graduates have found to repay such debt.

To Repay or Not To Repay
 
Many graduates have heard that once college is over, it does not make much sense to pay off a loan. There are many alleged reasons to stop repayment but only one reality; interest will not stop accumulating by graduation time or afterwards. The longer you take to repay the debt the more interest the loan will accumulate, plus defaults. However, an unusual way to get a student loan paid off is letting 25 years go bye to get your debt wiped out. Be aware that the 25-year period may start counting from the time you got the loan, from your graduation time, or might be 60 years rather than 25 depending on your type of loan.
 
Borrowing Money to Pay Off
 
Another unusual and yet bad ideas to pay off student loans is borrowing money. Whether using payday loans online, personal loans or any other type of loan, borrowing money sounds like an appealing idea to pay off your student loan debt really fast, but the drawback is that you will build new debt that might be more costly and even harder to repay.
 
Resting in Peace
 
Not really having to die, but the true fact is that student loans are wiped out when the student passes away. So with that said, it is better to start outlining a repayment plan to get off this debt soon, rather than wait until life is over. Remember that poor credit or bad credit history will negatively impact your professional life.
 
For those who were benefited by a Federal Student Loan, federal aid, or a tuition program, it is always possible to approach the Federal Student Aid Office at the U.S. Department of Education and get either a loan cancellation, loan forgiveness, or loan discharge as long as you qualify for one of these benefits. This is another unusual but effective way that graduates use to pay off their loans.

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