Starting A Firm Right Out Of School

10 Ways To Get Rid Of Your Student Loan Debt Faster

According to U.S. News and World Report, 2012 law school grads faced an average debt as high as $168,800. While some graduates are raking in starting salaries in the six figures, many others are settling for positions paying $40,000 (if they can find a job at all). Sure, you can live with your parents and swear off frappuccinos and dating, but that’ll just cover the interest.
The larger the debt, the fewer options you have. In the long term, retiring your debt frees you to pursue your passions. In the short term, that means taking a second job, trimming your expenses, and making sacrifices. Chances are, you can’t take one sweeping action to retire your debt. You’ll need to take several small steps to grind it down.
So what steps can you take to cut $200 here and a $500 there? Check out these ideas from FindLaw’s Greedy Associate’s blog:
10. Use a Debt Management Tool: Greedy Associates recommends Tuition.io (Tuition I Owe), which helps you track how much tuition you’re paying off. It might motivate you to forego those concert tickets and put that $100 towards paying off principal.
9. Drive an Economical Car: Think a Lexus is going to drive business to you? Maybe, but you’ll face higher insurance and upkeep costs too. While you shouldn’t drive your college car into the ground, consider owning a more economical vehicle with higher gas mileage and reliability. If you live in a metropolitan area, there’s no shame in using the train.
8. Cut Overhead: Do you really need HBO? Could you work out at a less pricey gym? Could you visit the local library instead of Barnes & Noble? Look at your monthly expenses top-to-bottom and cut what you don’t always use or could find at a lesser cost.
7. Go Out Less: Why go to Olive Garden when Prego could do the trick? Could you invite friends over instead of splurging on marked-up imported beers? Look at alternatives where you can get something similar at less cost.
6. Prioritize Payments: Which of your bills carry the highest interest rates? Cover those first. Greedy Associates also encourages graduates to get “a forbearance or deferring payments on the low-interest debt while you dump all of your disposable income into the high-interest debt.”
5. Raise Your Credit Score: Review a site like Credit Karma to learn what’s hurting your score.
4. Conduct a Balance Transfer: Looking to get out from that high interest credit card debt? Transfer your balance to one of these cards.  You’ll find a lower interest rate and even a short-term break from interest in some cases.
3. Consolidate Loans: Right now, you’re probably suffering from death by a hundred cuts. Why not talk to a financial advisor about placing all of your debts under one umbrella (and likely a lower interest rate)?
2. Move: You want to live in a trendy neighborhood, close to the action and alongside people like you. Why wouldn’t you? You’re only young once. But take living expenses and commute into consideration. Always ask: How can I stretch my dollars further? Eventually, you’ll find where you want to live. You may just need to wait 2 or 3 years before you can go from being a visitor to a resident.
1. Purge Belongings: Do you really need all of those books, ratty clothes, or baseball cards? Consider craigslist, eBay, or even Goodwill. Put the proceeds toward cutting down the interest you’re paying.
Source: Find Law