Unconventional Ways to Manage and Repay Student Loans
Let's face it ‐ college is expensive and student loan debt tends to loom over us for what seems like an eternity after graduation.
Sometimes it feels like you are making little to no progress on your student loan debt, feeling stuck dealing with the same loan debt payment endlessly. Did you know you can cut your student loan debt more quickly by exercising a little of your creative side? Here are some unconventional strategies that can help you to pay off your student loans.
Ask Your Employer to Foot the Bill
More companies are recognizing how impactful student loans are on young employees and are willing to include a student loan repayment reimbursement as part of benefits packages. If your employer does not offer a tuition reimbursement program, consider using extra money you receive from your work ‐ such as raises or bonuses ‐ to put toward paying off your student debt faster.
If you have a heart for serving, you may consider a public service career. This job choice may help you to get your student loans forgiven, thanks to the Public Service Student Loan Forgiveness (PSLF) Program. If you are a full‐time public service employee, working in government, military or non‐profit, you may qualify. Jobs including public health careers, law enforcement and public school administration can qualify.
Make Use of Your Tax Refund
When you pay back student loans, you also pay back a portion of the interest you have accumulated over time. This means you can get a tax break from Uncle Sam. When you file your taxes, you can deduct the interest you have paid on qualified loans, totaling up to $4000 for tuition and other fees. In addition, the American Opportunity Tax Credit also allows you to claim up to $2,500 for some higher education expenses.
Another way you can make use of your refund is to put any refund toward your debt, helping you to get out of debt faster.
Looking to free yourself of debt and live a healthier, happier life? Visit Madison Monroe and Associates online today to learn about our stress relieving debt reduction programs!