Pay Off Your Student Loans
For most of our lives, society directed us to attend college; the college offers endless opportunities and comes with strings attached. Attending college can be extremely expensive and may take graduates years to pay off. The debts collected by attending college may prevent individuals from potentially becoming a homeowner or forcing the individual to sell my home. Understand there are options to relieve the stress of being consumed by student loans; you are not alone. Many people have student loan balances hanging over their heads. Here are some ways to quickly pay off your student loans if you are a homeowner in Philadelphia or considering purchasing a house!
Stick to the Plan
If you can afford the original repayment plan, do it! Most student loan repayment periods are ten years. If you try to lower your payment or refinance, this could add another 20-25 years of repayment! Ten years doesn’t sound very quick in general, but it is way faster than 30 years! You may also want to consider making biweekly payments. You will pay an extra month every year, which will shave off additional interest and time of repayment.
Take on a Second Job
Another way to repay your student loans quickly is to take a second job. Since your current job can cover all necessities, your second job income can go straight to your student loan balance. You may lose some of your spare time, but think of your financial freedom! Apply at least half or ideally all that money to your student loan balance to speed up repayment. Please communicate with your lender that you want the funds applied to the principal, so they don’t use them for the next payment. This will also lower the overall interest paid on your loan since you are taking big chunks out of the balance. You could pick up side gigs if you do not want to commit to a second job with a schedule. There are online bulletin boards & Facebook groups where people can post random odd jobs they need help with, and you can put that extra cash straight towards your balance. This will be a lot of work, but the benefits would be excellent.
Sell Your Extra Stuff
Take advantage of online yard sale-type apps like Craigslist and list your extra items for sale. Go through your closets and remove unneeded clothing or collectible items that may be worth extra money. Maybe consider selling your car to get a more affordable one with better gas mileage (especially since Gas prices are reaching an all-time high) or refinancing your current auto loan to have a lower monthly payment. You could also hold garage sales and ask friends and family for their unwanted belongings to add to your sale.
Sell Your House
If you are a homeowner in Philadelphia, the most appropriate way to pay off your student loans with a big chunk of money is to sell your house! You may even be able to negotiate the buyer paying most of the fees to have more money to put towards your balance. Consider downsizing your property to pay off your student loans and have more money for the future. You can also take advantage of the low-interest rates when looking for a loan for your new home. You can put thousands of dollars towards your student loans, or hopefully, pay off the balance in total, find a different house to live in, and save extra money with the lower mortgage interest rates. You will also keep in unexpected places, like the electric and water bill, and it’s time to clean your house. You might be able to find a smaller, more energy-efficient home closer to your work and save you time and gas money every day!
The concept of accumulating debt is overwhelming; it’s essential to solve an issue before it gets out of hand. That’s why it’s important to understand there are options when faced with this obstacle; consider every option before making a significant decision & consult the assistance of a professional if necessary!
Our company knows that each seller has various needs and requirements, so we provide two different routes to sell a home – the traditional method of listing the property on the market & our quick house sale program. Listing a home with an agent will allow for the most profit but requires repairs, walkthroughs, and inspections which may consume months. The cash buyer program allows homeowners to sell their house quickly without renovations; regardless of the desired route, our family-owned company will work hard to guarantee the highest price possible for your home! Buying Property 215 is accredited by the Better Business Bureau with an A+ rating!