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In addition, paying interest on student loans over the long haul can be very expensive.
So, what can you do?
One option is topay student debt off as fast as possible.
Research Your Options
Studentaid.gov has a simulator you could use to find the best repayment strategy.
This is a good place to start to get an overview.
Youll be guided through several steps to input your loan information.
Ask if your employer offers a student loan repayment benefit, or if theyre willing to consider it.
Programs like these are win-wins.
Thats $10,500 in support that can be provided this year and next.
Be concrete about the why, Carden said.
For example, Ill stay in this job for three years so that my loans can be forgiven.
Work like crazy, Camberato said.
When youre young and full of energy, use that to your advantage.
I worked as much as I could at my day job and picked up any side gigs available.
All the extra money went straight to paying off my debt.
Camberato said that even on a limited income, smart budgeting is key as is self-restraint.
It takes real discipline and sacrifice to manage your money and lifestyle.
No one really knows what to buy you for birthdays, holidays and other special occasions, she said.
Consider setting up a basic crowdfunding campaign and sharing your story in an authentic way.
Your community can also provide resources to reduce your budget.
Need to move some furniture?
Rather than renting a van, Carden suggested tappingfriends or neighborsto help.
Consider bartering for things like childcare oreven personal services.
Whether you join or simply contact your elected officials, make your voice heard.
No matter what, remember to take pride in your education.
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