Budgeting Essentials
3 Ways to Say Goodbye to Your Student Loan
Welcome back.
Today, we are going to discuss how you can say goodbye
to your student loan debt.
Later in this article, you will get more specific information regarding
how student loan interest works, the interest accrual factor,
and how student loan defaults work.
For now, let us get to how you can say “goodbye” to your student loan.
First, get yourself in the right mindset by saying out loud and believing:
I can pay this student loan off.
I will pay this student loan off.
I am going to celebrate when I tell this student loan goodbye.
Your spoken words matter more than you know.
You are constantly calling something into your life
with your words – whether they are good or bad.
So, if you didn’t just say these words aloud, go ahead and do it now.
Second, get focused. If you look up the word focus in your
dictionary and thesaurus, you will see phrases like these:
Fixate (think) on.
Clear understanding.
To concentrate attention or effort.
Below, are three of Albert Einstein’s quotes
that I want you to take to heart:
“We cannot solve our problems with the same thinking we used when we created them.”
“If you can’t explain it to a six-year-old, you don’t understand it yourself.”
“One should not pursue goals that are easily achieved. One must develop an instinct for what one can just barely achieve through one’s greatest efforts.
In every endeavor where you mean business,
it is important to state your intentions clearly.
Here are three ways you can do this regarding
the business of saying Goodbye to your student loan:
Way One
Now that you are out of college, it is time to think differently
than you did when you first entered higher education.
Your focus needs to shift to paying off that student loan debt
as quickly as you possibly can. Why?
For one reason, the longer you take to pay off that loan,
the more interest you will accrue and pay over the life of the loan.
Why add to the cost of an already expensive education if you do not have to?
Consider thinking this way about student loan payoff:
The sooner that loan gets paid off, the more money I will have.
My household budget, (and I should be keeping one…), will
experience freedom – and I will have more piece of mind when
that student loan is gone for good.
It will be a whole lot easier to plan for larger ticket items when
I no longer have that student loan balance holding me back.
The sooner I can start putting dollars away for
_______ (a house, car, you fill in the blank),
the closer I will be to achieving it.
With focus and effort, you can pay off that student loan.
Way Two
Explain to yourself and family members, if you have them,
how this student loan payoff can be accelerated.
Use your imagination.
Be creative.
Take a stand that you will not back down from.
Getting your family to back you on this will make loan payment acceleration
a whole lot easier.
Document how you will do this in simple terms.
(Think about explaining the plan to a 6-year-old.)
Document what steps you (and the family) will take,
and what you can do to accelerate this loan payoff. With effort and focus this will happen.
Pledge to yourself and family, that as you all work together,
this can be done efficiently and effectively.
The purpose behind pledging to pay this debt is to
provide myself (and family) with money freedom.
Post your student loan debt payoff plan in plain sight
for all to see.
Who knows?
You may even decide to make your plan into a
calendar style project – that shows your progress with “X” marks across
your accomplishments.
It is fun to know things are proceeding according to plan.
Way 3
Achieve your goal to say goodbye to that student loan
through your greatest efforts.
Understanding that putting off desirable purchases until
after the student loan is gone, will serve me well.
Cut back on those things that you can.
Often, when we check our hearts, we all know what those things are.
You do not need somebody else to tell you
what you should not be splurging on.
Look in the mirror and tell yourself what those items are.
Then cut or stop spending in that area until
you say farewell to your student loan.
Take (or make) some time to use your imagination to contemplate ways
to pay as much as you can each time
you make a payment on your student loan.
We have discussed in previous blogs about using things like birthday cash,
or tax refunds, a work bonus, or income from a side hustle.
A brainstorming session with family and friends
is a good way to produce many more ideas.
A garage sale could provide extra funds.
What can I sell that I will not miss?
You are smart. Y
ou are quick.
You are sharp.
Figure out where those extra dollars are hiding,
and apply them to that loan balance.
Quite a few vocations lend themselves to “side jobs” for neighbors or friends.
How about every time you save money, you pop it into a big can or jar.
Then, when the cash starts piling up, you take half
and treat yourself and the family to a special treat.
Then use the other half to pay extra on the loan.
Ask friends or buddies who have already paid off their own student loans,
how they did it.
Especially those people who paid their loan(s) off early.
These are usually the people that are happy all the time,
because they do not have their student loan balance
burdening them any longer.
In Case You are Wondering…
Albert Einstein had his own set of challenges to overcome.
Some of them include the following:
Albert’s grades in school were not top-notch; he dropped out of school for a time.
He later failed at his first attempt when taking the entrance exam
for the Swiss Federal Polytechnic School.
However, he overcame these and other adversities by developing
his personal study habits, and through
focusing on his strengths in math and science.
Because of the work and dreams he had,
Mr. Einstein faced skepticism, resistance, and rejection regarding his theories.
He also suffered a tough time when attempting to obtain a university position.
You know about his Nobel prize, right?
That same committee was hesitant to award him this much deserved prize,
due to him being labeled as having “unconventional” ideas.
What did he do?
He persevered. Always presenting his findings with the utmost conviction.
Setbacks came in his health and his career.
He fought fiercely for civil rights
and against injustice.
All in all, Albert Einstein’s ability to overcome weighty obstacles like these,
took constant and continual effort,
new ways of thinking,
and a lot of explaining to himself and others.
But he did it.
If Albert could do this, so can You!
Go ahead. Persevere, and remember that your greatest efforts
are what will free you from your greatest obstacles in life, including debt.
Resource: Here’s that article for more information on student loans.
Remember the Goal:
Say Adios to that student loan!
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