Matthew Gates 4m 976 #studentloans
The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Get To Financial Freedom Faster
The business of college and university is a big one, driving many people each year to get an education, but acquire many student loans in the process. Educating yourself and studying in order to get a degree is one of the most valuable things you can do for yourself. It is certainly up for up debate on whether that degree is worth it or not, but the truth is: You personally give your degree the value it has.
If you gave that degree to me, it would be worthless. I could not do anything with it. If you sold it on Ebay or gave it to a family member, it would still have absolutely no value. The only one who gives that degree value is yourself, by acquiring new information and knowledge and learning different things. A degree is an asset to a graduate’s life and can only compliment what one is trying to obtain or earn in life. Whether continuing education is a factor or a job offer comes into play. Going to college is certainly always up for debate, and most people that go certainly understand its value and may even encourage others to go to college, while others who have never gone might feel they are just fine.
Everyone has their own path in life and there are plenty of successful people who have never gone to college. For those that go, there is certainly one thing that college leaves them with besides the experience and preparations for the real world; and believe me, it does prepare you for the real world. Dealing with four to six bosses and having deadlines will teach you everything you need to know about functioning in the real world, in a workplace setting. The one thing, however, that college definitely leaves most people with: student loan debt. $37,000 is the average norm of student loan debt for most people to find themselves with, but depending on what someone studied, they might find themselves with as much as $200,000 in debt.
It is expected that you the person in debt will find a job and pay it back. Fortunately for some, they do find a place of work in line to call a career. For many others, unfortunately, they might resort to lesser paying jobs, and find themselves paying off debt for nearly a decade. If your debt, however, is 6% or more, you should consider refinancing, especially if your credit score is decent. There are plenty of companies that are willing to buy your student loan debt for a much lower interest rate, anywhere from 2% to 6%, saving you thousands to possibly hundreds of thousands of dollar in the process.
A loan company I recently came across, and applied for a personal loan, helped me out greatly. I wish I had known about them when I was with too much college debt, but unfortunately, they were too new, and I did not know they even existed. I ended up paying $40,000 of debt back with 6% to 7% interest, resulting in thousands of dollars that are no longer in my pocket. This company is known as SoFi. If you apply through this link, you will get $100 towards paying off your student loans. You can then refer others and get $300 towards paying off your student loans.
If you and your friends are still in college, this is a great way for you all to make some money, and while you won’t see it directly, why not pay down some of those student loans, especially if you are about to graduate or in your grace period for paying down your student loans? Start paying it off as soon as possible so you don’t spend a decade trying to pay it back. You will want to pay more than the minimum so you can be debt free as soon as possible. Sign up just 10 people and you can easily earn $3,000 towards your student loans!
SoFi will help you get there. By using this student loan calculator from SoFi to estimate what refinancing would do for you, lets say got it down from 6% to 4%, choosing a fixed rate, and you had a student loan of $40,000. Paying about $400 a month at 6% month would have you paying back for over 11 years. Dropping it down to 4% and keeping it steady at $400 a month will save you a year of debt, reducing it down to about 10 years. If you increase your monthly payment to $500, you would be done with your debt in 7 years. If you chose a variable rate, which often gives you a range depending on the market, you might get as low as 3% interest, which could definitely save you from several more months of debt. Whatever you choose to do, a lesser interest rate is always better. Consider SoFi today and talk with one of their many free financial advisers to understand what you can do to get closer to financial freedom.
Of course, an easy way, far easier than going to work for 8 hours a day, if you have many friends or acquaintances, is to sign up through this link on Confessions of the Professions, which grants you access to become an affiliate for SoFi, where you can help others achieve financial freedom faster. Not only can you earn money if they sign up for a student loan, but if they prefer to take out a personal loan instead, you will still earn a commission. Spread the word. Use your degree. Use your words. Word of mouth. Get to financial freedom faster, not just for you, but for everyone you know as well!
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