If you’re worried about the amount of student debt sitting on your account, you’re not alone. Freedom Debt Relief reviews that the average college graduate carries more than $30,000 in student loan debt- that’s a serious chunk of change! Many Americans even consider student loan debt to be one of the biggest threats to the economy of the United States; Freedom Debt Relief reviews has found that, according to research by Millennial Personal Finance, 56.4% of polled Americans believe that student loan debt is the largest current looming threat to the health of the country, more so than the threat of war from North Korea. With so many people trapped in a seemingly endless cycle of loan payments and debt, it can feel like digging your way out of student loan debt is impossible. However, there are steps that you can take to reduce the amount that you owe and move steadily towards a more debt-free future. Here are some of the best tips for reducing student loan debt that Freedom Debt Relief Reviews has gathered from around the net.
Take advantage of your employer’s benefits. Did you know that an increasing number of companies now offer assistance with student loan debt? Freedom Debt Relief Reviewshas found that, according to research by WorldatWork, 8% of companies who employ over 40,000 employees now offer assistance tackling student loan debt- and that number is increasing. Contact your human resource department and ask if your employer offers assistance with student loans.
Seek out company match programs. You already know that many employers match contributions to retirement accounts like your 401(k)- did you know that an increasing number of employers are also now matching contributions their employees make towards their student loans? These types of match programs usually kick in about $100-$200 every time you make a payment, so it’s worth speaking with your boss or HR department to ask if your company offers a contribution match program.
Don’t rely on government assistance. When many students hear that there is a government program designed to “forgive” student loan debt, they get excited and believe that their debt will magically be erased overnight. Unfortunately,Freedom Debt Relief reviews that this is not a practical solution for the majority of students thanks to strict eligibility rules. In order to qualify, you must work for a government or charity organization (which disqualifies the vast majority of employers) and your loans must be at least ten years old.
Make extra payments to get rid of debt faster. The fastest way to get out of student loan debt is to pay more on your accounts than is required. Even contributing as little as an extra $150 a month can help you pay off your loans up to five years faster than if you had stuck to the minimum monthly payments. You’ll also save money in the long term by avoiding accrued interest and paying off a smaller principle loan. If you can afford to make additional payments on your account, you should do so. If your current salary doesn’t allow the extra money to allot towards your loans, picking up a side gig like driving for a ridesharing service or freelancing can allow you to reduce debt without making serious changes to your lifestyle.
Paying down your student loan debt can seem like an insurmountable task- but it’s not impossible. By working quickly to reduce the principle amount you owe and taking advantage of benefits offered by your employer, you’ll quickly be on your way to living debt-free!