In this day and age many feel that going to college is a necessity. While this is up for debate, the numbers do agree that those with at least a Bachelor’s Degree earn a considerable amount more on average than those who do not. The same can be said for those who go to graduate school and acquire a more advanced degree.
However, unless you come from a very wealthy family, chances are you’re going to need to take out some student loans. Depending on the school you go to, these student loans can build up quite fast – even faster if you choose to go to a graduate school. Let’s take a look at two ways that are often overlooked when considering how to lessen the burden of student loan debt.
Choose a Good Major
First and foremost, before even getting a loan considering what you’re going to major in is a great idea. Many people tell you to simply major in something you’re interested in, but this may not be the best choice. If what you’re interested in has virtually no job market, chances are you’re going to be struggling to pay off your student debt due to unemployment. Alternatively, if you choose a major with a great average salary and massive job market growth, finding a well paying job will be easy. This doesn’t mean you have to do something you don’t like either as there are many overlooked majors with high potential.
Make Timely & Early Payments
If you’ve ever missed a credit card payment, you’ll know how important timely payments are. Every time you miss a payment you get a strike against your credit score and are charged a fee. The same can be said about loans which is why it’s important you make timely payments. On that note, it’s also very helpful to pay more than the monthly minimum (when possible). Not only will this help you pay off your debt faster but you’ll be saving money by decreasing the interest you otherwise would have accrued.
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