3 Ways to Battle Student Loan Debt The numbers are astounding, yet not surprising. The level of student loan debt has surpassed the $1 trillion mark. As interesting as this piece of news is, it is troublesome because more than likely, it's a story of your life! Look, avoiding student loans is difficult. Many view the expense as an investment. After all, how many 19 year-old's have access to $20,000, just to cover 1 year of schooling. Whether you find yourself in the process of taking out loans or the process of paying them off, its imperative that you find ways to push back on the impending financial tsunami heading your way...And its possible! Here are 3 ways to battle student loan debt. 1. Select Your Major/Career Wisely: OK, this one might sting a little. It's certainly nice to follow your passion and do something that sounds really fun and cool. But you should be asking yourself this question on a daily basis: Does it pay the bills? You must ask yourself this question early in the game OR, you won't be able to pay the bills. Pretty simple concept but amazingly, many do not follow this line of thinking. Not even close. So, our recommendation to those Philosophy majors out there: Read this article, shutdown your computer, then schedule some time with your academic advisor to change your major. In this economy and point in our history, you must find work that pays and fills a need in our economy. Attempting to fill a career space that is either saturated with careerists or has little demand is a bad career plan. 2. Avoid Luxuries - Pay off Debt: For you twenty & thirty somethings, you must develop a mantra and focus around paying off debt. This means that you don't but a new couch after graduating from college. This means that you reconsider that trip to Europe. Yes, this means that you resist the urge to buy a brand new set of wheels that looks really cool and drives nice but is a piece of junk in 5 years. This means real sacrifice!! BUT, but... if you do it now, you prosper in the long run. Take your pick. 3. Find Your Value & Produce Excellence: The greatest weapon that you have to pay off student loan debt is your ability to generate an income. To generate income and even higher incomes (which we like to call raises), you must produce value in the marketplace and do so with excellence. These folks are often called high performers. Should you decide to produce mediocrity, plan to live in mediocrity... and thus, excessive student loan debt for the remainder of your life. The beauty here is, in most cases, its your choice.
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