Student Loan Blues – Ways To Pay Down Student Loan Debt

Money

by Lamar Tyler | on July 12th, 2008 | 3 comments

Here is an article on 6 Ways To Pay Down Student Loan Debt. I’ve seen it come up during a few of our conversations on debt. Hopefully this will help someone out:

1. Develop a plan. Develop a plan to pay off your student loan debt before you graduate.

2. Save your money. Each summer throughout your college education, get a job or internship. Save half the money in a high interest savings account such as www.emigrantdirect.com (5.05%) or www.ing.com (4.5%). After a few months, consult a financial advisor to earn the highest possible return on your money. After college, you can use the money saved during all 4 years to pay down your college debt.

3. Use caution with consolidation. Consolidating student loans combines your loans into one payment but may or may not provide you with a lower interest rate. Do extensive research before consolidating your student loans. In addition, you may not be eligible for various student loan forgiveness programs if you consolidate your student loans.

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About the author

Lamar and Ronnie Tyler are the creators of the award-winning blog BlackandMarriedWithKids.com . They also are behind the Amazon.com bestselling DVDs Happily Ever After: A Positive Image of Black Marriage, You Saved Me and Men Ain’t Boys that explores manhood in the African American community. The Tylers are also the proud parents of four children.

Anna

Thanks for the info. Who want to still be paying off loans 10 yrs. after graduating. FYI, You can also go to your insurance agent, most who sell auto and home also sell life insurance and work with a financial specialist who can put the money in a CD with a mimium of 5% interest for 1, 3 or 5 yrs.

With all the by outs going on in the automotive industry most ppl don’t need the big chunk of money because they have enough years in or were not ready to retire. They will still receive their pension and retirement income to live on.

A customer came into the office and said he just retired. He started at GM a week before he turned 18 and has his 30 yrs. in. I asked him if I can schedule an appt. with our financial specialits, he said yes. Needless to say this customer rolled over more money than I make in 2 yrs in an annunity.

Another FYI family. A financial specialist charges $400-500 to prepare your portfolio. Your agent does it for free. Whether you want to roll a CD to an annunity or a variable annunity or something bigger that I don’t have a license for and can’t speak about. I say check it out. They even have a 509 to help you save for your childs education.
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NIH has repayment programs for thoes that do research

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