There is no denying that attending college is a great way to pave the way for your future. Aside from the education you receive and the benefit of (usually) having an easier time securing a job than without a diploma, you gain great social experiences and make lifelong friends.

On the flip-side though, it’s very easy to accumulate debt along the way. Depending on the school, curriculum and other factors, this can put you in a major financial bind after graduation. Here are some ways to pay off student loans faster so you can live a financially sound life.

Pay During the Grace Period

Many student loans offer a grace period where you aren’t required to pay until six months after graduation. This is designed to allow you time to find a job and get financially stable before payments begin.

If possible, you should go ahead and pay at least a little something during this time because you can lower your principal and have an edge once the grace period is over. This also get’s you in the habit of making those payments before there are penalties for not doing so.

Not to mention, you are creating great financial habits very early on and making decisions such as this now will lead to continued wise decisions in the future.

Look into Student Loan Forgiveness

Depending on your profession, you may qualify for student loan forgiveness. If you are a full time public servant, in fields such as education, community service (police, firefighters), the non-profit sector or even many church positions, you may be eligible to have a portion of your student loan debt forgiven after you have made a certain number of payments. This is a tremendous benefit to those who are in these positions, as it can save you tens of thousands of dollars.

Student Loan Consolidation

This strategy involves combining two or more loans into one for a more simplistic repayment structure. The benefits of this option are that it can often reduce your interest rate and it streamlines the payment process so you don’t have to remember to write checks for multiple loans each month. There are different programs available for different types of loans. Our Christian debt relief company can provide further insight into student loan consolidation and help you decide if it’s right for you.

Here is a bit more information on a Federal Student Loan Consolidation.

Get a Side Job

Another effective way to quickly get out of debt is to earn some extra income on the side. It might be a part-time gig, doing odd jobs or even starting a small business. This doesn’t need to consume your life, but putting in some additional hours on top of your regular job can mean years of difference in eliminating student debt. Paying extra usually goes right toward principal. Reducing your principal balance will also minimize interest expenses, which means less overall money to pay.

Put God First

Putting God first and being charitable should be the basis for any financial strategy. As we see written in Matthew 6:33, “But seek first his kingdom and his righteousness, and all these things will be given to you as well.”