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How To Pay Off Student Loans

Watch more How to Manage Your Money videos: Subscribe to Howcast's YouTube Channel - Wondering how you're ever going to pay off your student loan with a sucky starting salary? Howcast has some suggestions. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Find out interest rate Check out your student loan interest rate. If it's lower than that of your other debts, like credit card balances, then don't pay more each month than you have to. Tip If you are earning less than $65,000 ($135 for couples filing jointly) you can deduct up to $2,500 a year in interest. Step 2: Extend loan term Consider lowering your monthly payments by extending the loan term. You'll pay more in the long run, but this will ease your current payments. Step 3: Take job w/ Loan Forgiveness Think about taking a job that offers Loan Forgiveness. If you work in the public sector (like education or government) and make your monthly payments, after 10 years the remaining debt is forgiven. Tip Teachers may qualify for a full discharge of their debt if they instruct low-income students; work with disabled children in a public school; or teach a subject that has a shortage of instructors. Step 4: Join Peace Corps or AmeriCorps Spend a year in the Peace Corps, or its domestic counterpart, AmeriCorps, and they'll pay off part of your student loans. Check their websites for details on how long you must commit to be eligible. Tip Sometimes needy communities will strike a trade: they'll pay off your medical or law school loans if you commit to work for their underserved population. Step 5: Join Army National Guard Sign up for the Army National Guard and you may be able to wipe out as much as $10,000 in debt. Step 6: Fake your own death If all fails, fake your own death and move to rural China to become a farmer. Even collection agencies have their limits. Did You Know? Sixty-two percent of people over age 35 are still paying off their student loans.
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