Student loans are having a huge impact on college students. The numbers are staggering from a national level and on a personal level. I have spoken with people that feel the weight of student loans for many years with seemingly no end in sight. The struggle is real.
When you have a student loan balance the size of a mortgage or two it can be really defeating. Even when I speak with doctors and attorneys with very high incomes it can be difficult to find hope, there’s just so many commas! So what do you do if there seems to be no end in sight for paying off your student loans?
If your goal is financial liberation I believe that’s hard to achieve when you owe someone money. If you don’t pay your student loans they’ll probably start levying your paycheck and that doesn’t sound freeing. So I would recommend paying them off…as soon as possible. Usually it helps to first come up with a projected payoff time period based on increased payment over the minimum balance due. That itself is usually a good jolt of energy because if you commit to paying them off it usually happens way quicker than you think, even with a big balance. What it you paid yourself spending money, paid your minimum mandatory expenses, gave generously, and slaughtered your student loans with the rest? Give it a try for two months and make a payoff plan. If it’s still too long until the final payoff, consider increasing your income and keeping your expenses well below your income. The good news is you’ve probably already been living on a low budget through college so I encourage you keep that mindset and put this debt behind you. You can do it, you’ve worked this hard already so be focused on your goal of financial liberation.