Student loan repayments are like the proverbial albatross around one’s neck that brings young people down. You finish college and think you have the world by the tail. For six months, you do anyway. Then you go to your mailbox and look in to see a brand new shiny coupon book, all courtesy of your ‘friends’ in the government.
Suddenly, and for seemingly the rest of your life, Sally Mae owns you. How can you get out of debt? Student loan is a very difficult to discharge. Essentially, short of your death, lifelong imprisonment, or permanent disability you are stuck. However, there are some options for you that can make the process a lot more bearable.
What You Talking About?
Well, first, contrary to legend you are not going to jail for not paying back your student loans. Jail may be a place for you to contemplate exactly, ‘How to get out of debt?’, and as much as the collection people would like to send you there, it is not going to happen.
How to get out of debt? Well, you won’t get out of debt, but you could immediately go right back to school. Assuming you have not defaulted on your loans and have remained in good standing with your university you can defer payment on most, if not all, of your student loans if you go back to school. Some people find it actually cheaper to keep going to school rather than trying to pay back their student loans.
Realistically Now, How do I Get Out of Debt?
Alright, so you don’t want to spend the rest of your life taking tests in a classroom. Perhaps you can try to stand in front of the classroom instead. There are many programs (for example, Teach for America) that allow college graduates to become teachers in poorer school districts across America.
These programs allow for significant reductions in student loan debt, and offer alternative paths to certification. In addition, the program provides for some expenses to help with your living expense. Further, it looks great on a resume for the young graduate eventually heading into the workforce.
I Need a Break!
Okay, the classroom is no longer your ‘bag’, but you still want to find an easier answer to the question of 'How do I get out of debt?' Other federal programs, such as the Peace Corps, AmeriCorps, and similar programs offer recent college graduates the opportunity to pay back student loan by working for them.
Additionally, the programs provide a small bonus upon the completion of the required term. This money should be used to pay down your student loan even further. If you are still in school, you can talk with your financial aid staff member to answer your questions about how to get out of debt. There are always means to figure out a manageable repayment plan. You just need to keep asking the right questions, to the right people, about getting out of debt.
