One of the biggest challenges to getting out of debt is that all of your expenses add up to more than your income. This is the challenge for many recent college graduates who are still living the dream of their college experience long after the music’s died away.

Even if you weren’t a party person, accepting the reality of having to pay back these student loans can be rough. Especially if you’re still working at the local coffee shop and not in some high-powered executive position, it can be a huge blow to the ego. Make this blow a little softer by following four suggestions for getting out of debt, paying off your student loans, and getting on with your life.

Minimize Student Debt Going In

This may be a little late, but one of the best ways for getting out of debt with student loans is to minimize the debt going in. If you can get scholarships, grants and even work a little bit to pay-as-you’re-going, you can minimize your student debt.

Pay Off the Minimum

This may sound antithetical, but if you have fixed debt and you pay off the minimum balance, then you can build equity in other ways. By taking your money and making it grow through other investments, this can make paying the minimum a smart tactic.

Work Extra Jobs

If you have a second job (nights, weekends), this can make getting out of debt a lot more manageable. By working an extra job, you can dedicate that money exclusively to paying down your college debt. A second job can be a lot of work and can seem like an insurmountable goal, but working a second job for a limited period of time can be a good way to go.

Consolidate

Another really good tool for getting out of debt is to make a single payment to a single provider. If you have student loan debt from many providers, you should shop around and see which one will offer you the best deal. You should try to keep the terms as similar as possible and don’t agree to anything until you know that you are getting the best deal. You could also look into consolidating or settling your other debt, such as credit cards.

Follow these steps to paying down your student loan debt, and you can get out of this debt efficiently. You have to go the smartest road possible, and get there on your own terms.

 

Contributed by America’s Debt Resolution Organization. Our goal is to serve as the only financial resources you need to consolidate your debt.