How to Get Out of School Debt

Getting into school debt is one of the easiest things any education-driven person can do. School costs money and the longer you remain in school, the higher it builds up. Before you even know it, you're $40,000, $75,000, $100,000 or more in debt. And of course, getting out of that debt isn't nearly as easy as getting into it. Some people struggle with paying off their college debt for their entire lives, though it still can be done. It just requires patience, dedication and a decent amount of self-sacrifice.

Instructions

1

Spend your money wisely. Yes, getting a paycheck is very exciting and may very well make you want to celebrate with a round or two of drinks or a trip to the mall. But those habits are a good way of staying in debt, not getting out of it. Consider each purchase carefully before you make it. Treating yourself every once in a while isn't a bad thing and can even be healthy. But it should be a special treat and only when you can actually afford it. Use your credit card only when you absolutely have to and never on luxury items.

2

Pay a little bit more every month than your minimum payment. If you owe $283 a month, try to send in $300 a month instead, or if you can afford it, raise your payment from $400 to $450. It doesn't have to be a massive amount more that you pay off, but every little bit helps to move you closer to becoming debt-free, especially if you're paying interest on your loans.

3

Get a second job. You don't want to work yourself into a physically or emotionally unhealthy state, but working a second job once or twice a week can help you set aside a tidy extra sum each month. Even if you work four hours a night, two nights a week at minimum wage, you can still easily put an extra $150 toward your loans each month. That amounts to $1,800 a year and can bring you years closer to paying off your debt.

4

Make the government forgive your loans. When you commit a certain amount of your time to certain federal or state programs, they will cancel all or a portion of your debt. For example, college graduates accepted by Teach For America are placed in rural or city schools with high-need demands. In return, they receive a salary and benefits, as well as a certain amount of their loans paid off for every year they complete within the program. Similar programs include AmeriCorps and VISTA. See Resources for a more comprehensive list.