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Student Loan Repayment Strategies


 Student Loan Repayment Strategies



Now that the pause is over on student debt repayments, it is time to figure out how to make those payments once again.

Think like the smart person you are.

Do not let feelings of anger or aggravation get in the way of clear thinking and strategizing. Admit where you are. Start where you are.



No matter what course of action you take, the first thing is to know the state of your flocks. What do I mean by that? If you were a farmer, you would need to know exactly how many cows, chickens, pigs, and goats you have. Why? This is how farmers make money.


If you are a person with outstanding student debt, you need to know the state of your money.


Get to it


Get your electronic device (or pencil and paper and calculator) and start listing all the monies you receive each month. Call this list “A”. Next, list every debt you owe. Call this list “B”. Then, subtract B from A. The result is what we can strategize with.



Strategize with your result:




If your calculation produces a negative number, this answer may sound harsh, but it is simple. Find a way to bring in more money fast! There are employers out there who are operating short-staffed.


Go get the job that is close to home. Even if you take the job until a better opportunity presents itself, you can do it! The paycheck from this job gets applied to your current deficit – nothing else.


If your calculation produces a positive number, we have something to work with. This does not mean that you are out of the woods yet, it just means that we have a basis from which to start some calculations.


Ask yourself this question:

what am I willing to give up to clean up my financial situation?



Two kinds of debt:


Promissory note debt:

You promised the lender (in writing) that you would payback a certain amount of money in a certain amount of time. Examples include: mortgage or rent payments, student loans, car loans, credit card balances, etc.



Non-promissory debt:

These are amounts that you have control over. Examples include: grocery money, gasoline to get to work, restaurants, entertainment, and shopping for clothing and nice-to-haves. I remember when we dropped our home warranty, appliance protection plan, and cable TV-just to mention a few. One year they asked us what we wanted for Christmas – we said, a grocery store gift card! Pride never paid a bill at our house!



Next, let’s make our move:



Gather the family together. Take your non-promissory debt and cut it to the bone.

Debt does not have to last forever. Pause and think. The more I sacrifice now – the sooner and better my financial condition. These sacrifices are short term. You can do this!





If you want free help and encouragement - just go to my website and download your free workshop. It’s easy peasy.






If you want some deep dive, step-by-step help – click here for a single payment, forever-yours program – with no subscription plan. When you are done, you can teach this to your kids!



Additional strategies for you:




Severely limit your use of credit cards – unless it is a dire emergency.


This includes buy-now-pay-later plans.


Do not get a consolidation loan – they are not free!


Stop making minimum payments. Hint: I talk about this in the free workshop.





Eat at home. No more fast-food. Good recipes are abundant online.


Reduce other debt. For example, if you drive a BMW with expensive monthly payments to work, sell the BMW for more than you owe and pick up a used inexpensive vehicle.


Eliminate non-essential items such as cable TV, coffee shops, nightclubs, shopping malls, etc. Turn your vacations into stay-cations.


As you can see, this is not an all-inclusive list. However, if you are reading this, you are smart and resourceful. These strategies will get you headed in the right direction.






The sooner you start applying these strategies, the sooner you will be done paying that student loan!



Pause and consider...



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