There is nothing quite so discouraging as a large chunk of student loans hanging over your head like a dark rain cloud. Student loans are proving to be a behemoth of a problem for millions of people, so you aren’t alone! Instead of letting these monthly payments haunt you indefinitely, ask yourself what you can do to get rid of them as quickly as possible, especially if you are a homeowner in Houston with other important bills to pay.
Stick to the Plan
If you made a repayment plan while you were still a student and you can afford to make your agreed-upon payments, by all means, stick to it! The best thing you can do is ride it out and set aside the right amount of money each month to repay the debt you have incurred.
Setting up biweekly payments is an option for those who want to get rid of their debt even quicker, allowing you to shave an extra month each year along with that horrid interest. 10 years of loan repayments might not excite you, but it sure beats 20-25 years of college loans!
Find a Side Job
Taking on a second job might inspire lots of excitement for you, but it could be just what the doctor ordered as far as student loans are concerned. Letting your main job cover all your expenses lets you allocate your entire second stream of income to pay off your student loans. In the short term you might miss out on some of that sweet, sweet free time, but putting in the extra work now while you are still young in spry will pay dividends in the future!
The more debt you pay off now, the more your bank account will thank you in the long run. Shaving off repayment time saves you thousands of dollars in interest. Communicate to your lender that you want more money applied to the principal and not just the interest, which can save you time and money as well as sweat and tears! Moonlight jobs, working the third shift, picking up side gigs, or applying for random odd jobs: there are limitless ways to speed up your loan payment process.
Get Rid of Extra Stuff
Surely you have considered decluttering your space and parting with some of those articles of clothing you have outgrown. Maybe you have some unused electronics or dusty books to let go of at a yard sale.
There are plenty of ways to sell your unwanted stuff, which coincidentally can help you rake in some extra income when the debt collectors come. There is a myriad of ways to sell your extra belongings online, and plenty of options to scale down or replace your old gas guzzler of a car for something better on fuel. Reaching out to friends and family and asking if you can sell their unwanted stuff can also bolster your sales should you choose to hold your own yard sale
Sell Your House
If you happen to be a homeowner in Houston, the speediest and most direct way to pay off your student loans is to find someone that buys houses for cash. If you are wondering, “How can I sell my house fast in Humble, TX?”, you are in luck. Move On House Buyers of Houston, Texas specializes in helping any homeowners in the Houston metropolitan area sell their home quickly so they can move elsewhere or downsize to something more affordable.
By renegotiating lower interest rates and finding a smaller home, you can save thousands of dollars that can be better spent paying off those pesky student loans. That way you can have a small property to call your own and diploma that is all paid for too! Saving money on utilities and shortening your commute are other benefits you can enjoy when you sell your house without a realtor.