Paying off Student Debt

Time to tackle one of the most unpleasant things to think about after graduating college. You're graduating and getting ready to join the real world! Unfortunately, something is looming above you that stares at you and won't go away. What am I talking about? Why, student debt of course! Yeah, we all have it and chances are if you live in Maine, you probably have more than the average student nationwide. A study was just released that Maine ranks second most among the amount of debt a student carries after graduating. Fear not! I know it doesn't sound pleasant, but all hope is not lost. There are ways to responsibly pay off the debt you've just accrued and it doesn't have to be a huge pain in the rear. It may be a little one, but it doesn't have to completely change your life. The Wall Street Journal recently posted an article about paying back student debt and different ways you can tackle the issue. Here are a few helpful hints!

Get a job in the government

Working in the government may not seem like your first choice, but some federal jobs will offer a repayment of up to ten thousand dollars a year towards your college loans. The catch is that you will most likely have to work within the governmental organization for a minimum of three years, but if you find a position that is suitable to your degree and enjoy what you do, it is probably worth it if you've got a hefty debt to pay.

Call if you're going to have issues paying things off

Don't miss multiple payments and then decide to call and see what your options are. If you know that you are going to have some problems paying your monthly installment, call the loan service provider. The article says that many providers are gracious and will work with you to find a payment that works for your budget. It may add a little bit of time to your overall payments, but in the end, missing payments is more detrimental to your financial future. Remember, you can't declare bankruptcy on your college loans. They stay with you!

Take up teaching

If you are someone with a teaching degree, you're in luck if you can find a job. Many positions will offer student loan forgiveness if you teach underprivileged students, students with special needs, and also math and science teachers. I also have friends who have had their future schooling paid for them by their employers because they teach.

Rob a bank

No...don't do that.

What are ways you have found work with paying off student debt?

Seth P.