Sad to say, but the single best way to get student loan debt relief is to not acquire the debt in the first place.
“But that’s not possible!” you say. “College is expensive, and in the long run it’s worth whatever debts I have to incur!”
"There is no comparison between that which is lost by not succeeding,
and that which is lost by not trying."
- Francis Bacon |
Unfortunately, that is the prevailing attitude. Even people who normally avoid debt grant themselves an exception when it comes to college.
The result? Thousands and thousands of young people end up graduating with tens of thousands of dollars of debt already on their backs. They enter the work force, get great jobs right out of the gate - and even those great jobs don’t pay well enough to cover their monthly loan payments.
Student loan debt relief is no easier to come by than any other kind of debt relief. The only way to get rid of it is to pay it off. You need to think about that BEFORE you go to college (or before you send your kids to college), not after the damage is done.
So how do you avoid taking out student loans? One option is to go to a less expensive school, or a state school, instead of the pricier one you had your eye on. In many cases, it doesn’t make any difference as far as the quality of education you get.
If your heart is set on a “prestige” school, and you can’t get enough scholarships to cover the costs, then you may need to work part-time while you’re in school, or take summers off to work hard and save up money.
It’s definitely better to work hard now, when you’re young, energetic and do not have the added responsibilities associated with family life, than to have the debts weighing on you for a decade after.
You’ll be begging for student loan debt relief then, and wishing you’d never racked up the loans in the first place.
In addition to student loans, many college students find themselves being preyed upon by credit card companies. These companies know that college students - young and out on their own for the first time - are easy targets for accumulating massive debts through their careless spending.
Students are famous for going over their limits; they carry a balance every month; they make their payments after the deadline – all reasons why credit card companies LOVE college students!
That’s why parents must teach their kids early how to handle money wisely and frugally, so that they don’t go crazy and make destructive financial mistakes when they get their first taste of independence.
Student loan debt relief doesn’t come easily, and neither does relief from credit card debts. Best not to get them in the first place. Don't become a victim of this 'gotta have it now, debt-minded society'.
"Before borrowing money from a friend,
decide which you need most.”
- American Proverb |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
