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Since you were a youth you were probably told to go to college so you could get a well paying job and be successful in life. The problem is no one ever went into the details about the price rage that was associated with the degree that was meant to propel you forward in life. The average student graduates with $37K dollars in student loan debt which makes this a 1.4 trillion dollar crisis in America! Student loans can average from $1K dollars to over $100K dollars depending on any out of state cost, degree type, or school preference. No matter how much debt you have accumulated, with proper planning and cash flow management techniques you can free yourself and get rid of Sallie Mae forever!
The first step you would need to take is to contact the lender(s) to see exactly how much you owe. This is a fundamental step to ensure that you cover all the bases and don’t omit any loans. Be conscious of falling into default status with your loan service provider-the government does have the right to take legal action and garnish your wages, seize your income taxes, or suspend your license if federal loan payments are delinquent. Next, create a detailed plan on how you will pay off the debt. How long will it take you? What activities will you have to give up? Find creative ways to squeeze out every dollar and throw it towards the debt.
A budget system will help you stay on track and gives you a detailed visual on how much money is coming in and going out. Think of the budget as being a monthly contract to yourself–stick to it no matter what occurs. What’s a plan without execution? Imagine having a goal of losing 20 pounds in 2 months; if you break that down by week-your weekly goal is 2.5 pounds a week. Every decision you make for breakfast, lunch, dinner, or snack will have either a positive or negative impact on you achieving your goal within that time frame. When it comes to tackling student loan debt use the same philosphy- organize, plan, and execute. Check in with an accountability partner to give you encouragement throughout the process. Don’t try to eat the elephant at once-it goes down better if you chop it into pieces. In short, resolve today to no longer be a slave to the lender-free yourself of Sallie Mae and begin to live your financial live in abundance!
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