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Tuesday, February 24, 2009

How to Avoid Paying Off Student Loans!

By Richard Gorham-SL

When it comes to owing money, college graduates are quickly realizing how difficult it is when they begin paying off student loans. Student debt is becoming a huge hurdle for millions of young adults.

There are a couple of reasons for this. First, this type of debt is usually incurred by young people who do not really have a clear idea of the long-term ramifications of taking on a large amount of debt to pay for their education.

Another reason why student debt can create such hardship is that a college education costs quickly add up to a sizable amount. The cost of attending a college or university is soaring! Unfortunately, the price of getting a quality education is not going down any time soon. In fact, it's almost guaranteed to continue to rise.

Very few people would argue that formal schooling is important for achieving career aspirations as well as playing a large part in a person's intellectual development.

College years are often reflected upon positively. This time in a person's life can be the springboard to rounding a student's view of the world, as well as opening the doors to new and exciting opportunities for the future.

So there is no doubt that getting a formal education is a key ingredient to improving your chances for success. However, the benefits of a college education may not outweigh the costs if you graduate yourself right into the poor house!

The good news is that there are plenty of options for paying off student loans, or better yet, avoid the need for student loans in the first place! The sooner you begin to plan in advance for your education, the easier it will be to avoid the burden of student debt.

Some ways to avoid taking on major student debt, is by finding grants and other sources of income that will help pay for tuition and supplies. High school guidance counselors are a great resource that can help educate you on what is available.

In addition, you can find some great resources on the Internet that are worthy of your time and consideration. In fact, many teens are starting their own websites for the purpose of creating online businesses, which will eventually fund the entire cost of their education.

Some begin even as early as 14 years old, and they are making enough money online to either subsidize the costs of their education, or pay for it entirely!

For those who do not spend the time to properly educate themselves on both the cost of college and the related risk of student debt (and the devastating consequences it can bring later on after graduation), they will be quickly awakened to the severity of the problem once they are faced with paying off student loans.

Paying off student loans with a limited 'just-out-of-college' income is a truly eye-opening experience. The salary provided for a 'first job' does not typically provide the means for paying off the cost of a college education anytime in the foreseeable future. It's usually at this point that the recent graduate comes to the realization that they are in major financial trouble.

The good news is that it's still not too late to successfully deal with the issue of your student debt. For those who are committed to paying off student loans sooner than later can do so more quickly by creating additional income streams.

While many college graduates are barely scraping enough money together just to meet their basic living expenses, there are ways to conquer their existing debt and increase their monthly income.

The sad truth is that too often people are paralyzed by their debt. They feel trapped and out of control with their finances. They develop a "debt" mindset. In order to deal with the problem effectively, however, they need to change their way of thinking to an "income focused" mindset.

If you are a current student reading this, you may think that the demands of your studies do not allow the necessary time it would take to create alternative sources of income. Wrong!

Building an online business can be done in your spare hours, and it's much easier than writing a formal essay on world peace. The sooner you begin the more successful you'll be at paying off student loans.

Furthermore, getting started early also paves the path for increased student performance. Better to worry about the outcome of a final exam than how to cope with paying off the rising costs of student debt.

Still not concerned about the negative implications of student debt? Consider also that many prospective employers will conduct credit checks to determine if a candidate is worthy of getting hired. Bad credit will cause a resume to land at the bottom of the pile faster than if it was attached to a 20 pound rock.

Also, if a person is considering buying a vehicle or home, that past debt can come back to haunt them. Credit damage done when a person is young can negatively impact their life for years to come.

Regardless of whether you plan to go to college, are currently attending, or have already obtained your degree and are now focused on paying off student loans, you have options available for making more money, above and beyond what you earn from your primary job.

Decide today to avoid and/or get out of debt! Start now to create alternative sources of income. The choices you make related to debt will determine in large measure the path of your entire life.

One thing is for certain, this is an easy choice if you take the time to fully understand how realistic it is to make money online. The sooner you understand the money making process, the more successful you'll be at paying off student loans, or avoiding the need for student loans in the first place.

Richard Gorham says, "Conquer debt and increase your income!" Access a wide variety of free tools and resource information to better manage your money at Debt-to-Income.com.

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