OK, so I have this degree in ******** and am $100,000 in debt, now what?
Does this masthead sound familiar? You are right to be concerned. You get online, 4 jobs for mechanical engineers, 3 jobs for chemical engineers, 10 jobs for various degree holders in healthcare. All starting at $80,000 per year. Oh my! Nothing for a BA in Communications? Oh here are 8 positions at a taco shops and burger stands for $7.25 an hour. Let’s see that’s $14,645 per year or $1220 a month subtract $675 for my loan $950 for an apartment, payments, and food $400 if I eat light. That would put me over $800 dollars a month in the red. Holy shit, I will never get ahead.
These are strategies for dealing with your debt:. During the coming weeks we will explain the strategy in more detail with each suggestion
- Making more than the minimum payment
- Consolidating or refinancing your student loans
- Making a lump-sum payment when you come into extra cash
- Taking a job that makes you eligible for loan forgiveness
- Using any raises you earn to increase your student loan payments
- Cutting your budget and increasing your loan payments
- Working a side gig and using the extra income to repay your loans