5 Ways to Pay Off Student Loans

Are you worried that you will not be able to pay all of your loans off until your grandchildren are grown? If you want to get rid of the burden of student loans and start living a life with more freedom, you can. You need a way of paying off students in a realistic and effective manner.

There are thousands of people who are paying off student loans and want them gone. It is especially crucial to pay them off since they are not dischargeable in bankruptcy. Don't freight, there are many individuals that have paid off their student loans with these 5 methods I'm about to show you.

Save, Save, Save - You can put away some money each week or month to put toward your college debt. When using this method, you must be disciplined with your money. This may also mean doing without some things. For example, no cable, no eating out at restaurants, no traveling/vacations and etc. But once you have paid off your debt, you can enjoy some of these activities.

Get a Second Job - Yes, in this down economy, you can still get a second job. It may not be what you want, but it's a job. One of my sharp accounting friends just took a part time job as a janitor. You can work an extra 15 - 20 hours a week for the sole purpose of paying off student loans. If you do this for a few years, you'll have your debt paid off much faster than say 20 or 30 years.

Join an Internet Network Marketing Group - It is now getting easier to use the internet and has made network marketing more practical for everyone. The great thing about network marketing is that there is a low entrance fee and you work with a group of people who show you how to make money. Every year, more and more people are electing this option to create extra income.

Get a Roommate - If you have enough room in your home, get a roommate. I know several people who take this approach. You can find a friend or ask around to see if anyone is looking for a roommate. In fact, there are places you can go online to find roommates in your area. Please be cautious when taking this approach and do the necessary due diligence for a potential roommate.

Purchase and Renting Real Estate - Another approach is purchasing real estate and renting out the dwelling. We are currently in a buyer's market and with the foreclosure rate being so high, this means there are more renters available. If you don't have much money, you can go to a bank and ask for a loan or partner with someone to do this venture. You can take the proceeds from the rents and put them toward your debt.

Please note that none of these methods are a get rich quick scheme. Each method takes a level of commitment and diligent. However, I do believe that if you can graduate from college, you should be able to successfully pay off your student loan debt using at least one of these methods.