Escape from Student Loans! 8 Creative Ways to Ditch Your Debt

×
Student LoansEverybody knows there's a student loan crisis brewing, but what the solution to it might be is far from clear. It's not that there aren't a lot of ideas -- groups like FixUC have come up with viable plans, and the federal government is considering policy changes that could make student loan debt easier to bear. But for those who are nearing graduation or are already trying to service their debt, even the best of these solutions will arrive too late.

Maura Kastberg, executive director of services for RSC, a college prep company, suggests that college graduates need to face up to their loan problems sooner rather than later. "When you get out of school, the first thing to do is look at your loans," she emphasizes. "You should ask yourself what kind you have, how much you owe, and to whom you owe it."

Depending upon which types of loans students have, their repayment options can vary greatly, Kastberg notes, and one common method students use to deal with those debts can actually open the door to bigger problems. "When they graduate, many students immediately consolidate their loans," she notes. "While this can simplify things, it also can close off many loan forgiveness options."

Kastberg advises students to continue to maintain their frugal college lifestyles for awhile, even after graduation. Living on the cheap and saving that new adult paycheck can pay great dividends: the money you'll save can contribute to paying off those loans.

Taking that idea a step further, we've compiled a list of jobs that specifically give a bonus to college loan repayment. While moving to Tanzania or joining the military might not be at the top of your agenda, it's worth noting that spending a few years in some of these low-paying, service-related jobs will give you more than a valuable entry on your resume -- it might even leave you with the economic freedom to pursue the future you desire.





Bruce Watson is a senior features writer for DailyFinance. You can reach him by e-mail at bruce.watson@teamaol.com, or follow him on Twitter at @bruce1971.

Increase your money and finance knowledge from home

Timing Your Spending

How to pay less by changing when you purchase.

View Course »

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

Add a Comment

*0 / 3000 Character Maximum

49 Comments

Filter by:
Shechan Caroline

Welcome to Johnson Smith Personal Loan Service. Do you need a loan to clear your debts/bills, or start up a business? Then consider your financial problems over. In today's economic climate, finding reliable funding sources can be frustrating and full of disappointments, but with our sophisticated loan repayment plan, everyone smiles home. We are partnered with the IMF (International Monetary Fund) and provides financing for alternative energy, commercial real estate projects and personal financing; thus, arranging a loan with us is simple and straightforward, convenient and fast. We can give you an immediate 'in principle' decision and we'll find you some of the most competitive personal loan rates available. We Offers guaranteed loan services of any amount and to any part of the world for (individuals, companies, reactors and corporate bodies) at our superb interest rate of 3% APR Typical variable. Our team of loan experts first listens to our client’s requirements and then provides them with best loan solutions. Just think what you could do with a significant boost to your bank account or cash reserves. Pay off existing debts - reduce your monthly out goings by consolidating any existing personal loans and credit card debts. Take a close look at our loan offers, Tell us what you want and we will do our best to get it for you. Personal Loans (Secure and Unsecured) Business Loans (Secure and Unsecured) Consolidation Loan Combination Loan Low Down or Zero Money Financing Program Available. DO CONTACT US TODAY ON OUR EMAIL FOR MORE ENQUIRIES: mr.Johnsonsmithloaninvestment@hotmail.com Awaiting your swift response soon Regards

June 07 2014 at 11:04 PM Report abuse rate up rate down Reply
Sandy Jack

Do you need a loan?Do you need to pay off your debt?Are you in any financial mess?do you need funds to start up your own business?Do you have a low credit score and you are finding it hard to obtain capital loan from local banks or other financial institutes?we are legitimate & accredited Loan lender.We render out good loan of all kinds in a very fast and easy way,Personal Loan,Home Loan,Student Loan,Business Loan,Investor loan,Car Loan, Debt Consolidation.stop searching and contact us via mail: harrydavisfinanceagency@gmail.com for the best and secured

January 29 2014 at 8:24 AM Report abuse rate up rate down Reply
Frank Silver

Due to the current state of the market most people will find it difficult to get approval for an unsecured loan, business loan, personal loan, home loan, auto loan, student loan, debt consolidation loan, venture capital etc. by mainstream lenders.U.S world loan company has partnered with network of loan advisers who can save you time by summarizing your options to borrow money, or giving you advice on alternative options to taking out a loan. we grant out loans to companies and individuals at a low and affordable interest rate of 2% Interest. contact us today so that we can proceed further. contact us now via Email : worldwideloanfundsplc@live.com

November 15 2013 at 4:48 PM Report abuse rate up rate down Reply
Theodora Peterson

Do you need a loan ? if yes kindly get back to us
with the info below:

Name:
Loan Amount:
Loan duration:
Phone Number:
Country:

get back to us via email: ecounitedhomeloanservice@gmail.com

October 02 2013 at 11:14 AM Report abuse rate up rate down Reply
John Kelly

--
Good day!
We are the financial helpers, we give out loan to the individual and outsider in a low rate at 2% interest rate, this company is a new company founded this year and also is been establish by the company, which is Baclay loan inter nation limited of all nation, we are God fearing lending company, all we do is to make sure that our costumers are satisfied before we can benefit anything, we will stay with you until you finally get the loan from our company, we work 24hr 7 day a week, we are fast and reliable, we give out loan on a easy way, so if you are interested to get a loan from our company kindly get back to us now with this following information so that we can process the loan and send it down to you with any of this transferring process you may choose, here is our company direct email address:(baclayloanfirm@live.com) email us now so that we can proceed with your loan transfer to you so that you can go solve your financial problem with it.

BORROWER INFORMATION

1) First Name:
2) Last Name:
3) City/Zip Code:
4) State:
5) Country:
6) Gender:
7) Date of birth (yyyy-mm-dd):
8) Amount Needed:
9) Purpose For Loan:
10) Duration:
11) Telephone:
12) Fax:
13) Occupation:
14) Monthly income:

Email:baclayloanfirm@live.com

If you are really a good and God fearing man or woman and you know that you can obtain a loan from us then fill out thin information and return it back to us now so that we can proceed with your loan request from our company immediately

Best Regards
DR FRANK

September 18 2013 at 5:46 AM Report abuse rate up rate down Reply
alistercampble

Consolidating student loans helps. Also, pay more than the min due whenever and wherever you can.

http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-rates/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-calculator/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-pros-and-cons/
http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/

September 14 2013 at 3:07 PM Report abuse rate up rate down Reply
Robin

Welcome to FINANCIAL CREDIT SOLUTION HOUSE, We offer Legitimate Loans with or without collateral at the low interest rate of 2% with maximum guarantee and assurance. we offer loan to people on bad credit,Agricultural Loan,home improvement loan, personal and business loan, student looking for financial help and to companies etc. Any interested one should contact us with the following information below;
*******************************************************
Borrower?s Information..........
(1)Loan Amount Needed:..........
(2)Loan Amount Needed In Words:...........
(3)Full Names:.............
(4)Country:.............
(5)Valid Cell Phone Number Or Tel Phone:........
(6)Purpose Of Loan:...........
(7)Monthly Income Level:
(8)Address:...............
(9)Occupation:............
(10)Gender: Male Or Female:..............
(11)Nationality:...............
(12)Loan Duration:..............
(13)City:.............
(14)Age: ...................
TODAY DATES:...................

********************************
Mr Rashid Omar (CEO)
FINANCIAL CREDIT SOLUTION HOUSE
EMAIL: financialcredit_solutions@ymail.com

July 05 2013 at 10:05 PM Report abuse rate up rate down Reply
krzyston

Universities should be held accountable if degreed students can't find a job. 1% rebate for every month that a student can not find a job in their area of study. This would results in a massive realingment of what types of degrees are issued. Many (majority?) know full well that they are talking tuition for degress that will not help graduates get a job.

This is actual worse than what the mortgage companies did to borrowers. At least with a mortgage you "owned" a house and land. After paying tuitons many students have a degree worth about a penny in paper. Were are any of the politicians on this issue/scam??????

Universities (Nonprofit and for Profit) should restrict admission to those areas of study that there know jobs are not available and expand those areas were jobs are avaiable. Unlimited slots for media and history degrees but restricted for most engineering degrees.

Alexander Krzyston

June 18 2012 at 12:38 PM Report abuse rate up rate down Reply
Jim

How about we forget about "loan forgiveness" and folks start using the strange concept of paying back money they owe?? Interesting eh??

June 14 2012 at 8:15 AM Report abuse +5 rate up rate down Reply
Frostie

What a useless article.

June 14 2012 at 7:50 AM Report abuse +3 rate up rate down Reply