2 years ago
1298
Student loan debt is the MOST burning topic in academic world. With over $1.48 trillion in loan debt, US students are constantly looking for ways to pay the borrowed money off. The Typical Student team has already told you How to Apply for Student Loan Forgiveness Before Trump Cancels It For Good? and provided a Student Loan Forgiveness Checklist.
If you want to get rid of your student loan debt ASAP, here’s the MOST practical guide on budget management. Is there anything better than the success stories of those who DID repay their debt? Tune in to learn more!
Strategy #1: Spreadsheet to Pay Student Loan Debt
Can a spreadsheet help in paying your student loan debt? Absolutely! If you use it to plan your budget. This is the real example of Andrew Josuweit, who happens to be in charge of Student Loan Hero project. Andrew worked out a “spreadsheet strategy” allowing him to pay off $107,000 of student loan debt in several years! And he shared it with his сompanions in misfortune:
Here are the tips to help you cut expenses in a few areas:
Below you can see the "magic" spreadsheet:
Source: Andrew Josuweit
Strategy #2: Budget Management with 50/30/20 Rule
Most likely, you know about the 50/30/20 rule (or 50/20/30 rule). This is a budget management method that helps you split the expenses into 3 main categories: needs, wants, and obligations. Let’s break this down:
In total, you get 100% of expenses foreseen in your student budget.
Strategy #3: Mobile Apps for Budgeting
If you aren’t THAT old school, mobile applications can serve as great budgeting aides. Carrying the list of your expenses around might not be the best idea, unless it’s stored in your mobile. The most popular mobile apps for budgeting are:
Check the infographic below:
Last Chance: How to Apply for Student Loan Forgiveness Before Trump Cancels It For Good?
7 Ways to Save Up on Food for US Students: From Cheap Meal Plans to Healthy Snacks
How Can UK Students Make Informed Higher Education Choices for Less Money?
Second-Generation Immigrants Are Better Educated than U.S. Citizens
$322M Student Loan to Be Forgiven to 4 Black US Universities
IMPORTANT: Student Loan Forgiveness Checklist
Keep up with the Typical Student daily email