Paying For College In Your Twenties

Paying for college is probably one of the biggest financial burdens you will ever face, short of paying for a house. Around seventy percent of students in the US will eventually have to deal with student loan debt – a huge amount by any standards. The average amount of debt students will have to deal with hovers around $28,400. For a student just out of school who is trying to break into their field of choice, this is a staggering amount to deal with, and because this is just an average, many have to deal with more.

Paying off your college debt will be challenging, but with time and effort, you will be able to accomplish it. Here are some tips to managing your debt after you graduate.

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Get A Side Job

This is one of the most physically challenging ways to pay off your student loan debt, but also the most classic and popular. Finding a side job can net you tons of money if you choose the right place.

The classic choice for a recently graduated student would be somewhere you can make tons of tips. Bartending can be hard to get into, but if you have restaurant experience, you can easily work your way up. Serving or bartending just two nights a week could net you hundreds of dollars.

Corporate Help

Although you could certainly pay off your loans by waiting tables or working a bar, corporate jobs are starting to consider the possibility of helping to pay off a certain amount of student loans.

This is beneficial to the workplace because it allows them to offer a unique benefit to talented students who are just graduating. With workplace turnover rising and hiring becoming increasingly competitive, this is a valuable asset.

Although the workplace may only be paying off $1000 a year, that’s less for you to worry about and more money in your pocket per month.

Give Up

If you really think you can’t pay off your loans – that is, if it’s really impossible based on your income and your parents’ income — maybe it could be worth your time to just throw the towel in.

It’s not easy to default on your loans, but people do it. Make no mistake – even after you default, you will be pursued by people who are trying to get your money, but it is possible.

Alternately, you could bike to work every day to save money. You’ll save on gas, and if you get hit by a car, a personal injuries claim could net you enough to pay for your entire tuition.

Use Your Education

Student debt is worth it as long as you use your degree. Don’t forget that your education is worth money and employers should be paying you more if you have a degree!

Although college is becoming more ubiquitous these days, it’s still worth something. Getting through college shows an employer that you have the basic knowledge to enter their field, but it’s worth more than that. You also have the personal organization, communication, and teamwork skills that are required to get through a college education! If your employer isn’t taking that into account, they are undervaluing you.