40 Genius Money-Saving Tips to Help Pay Off Your Student Loan Debt
Whether you're about to graduate (congrats!) or you've been grinding in the workforce for a few years now, there's a good chance that you're spending a lotttt of time thinking about how to pay off your student loans. According to federal reserve data, more than half of college students end up taking on debt to finance their education. As of 2017, the average college debt among student loan borrowers was $37,584—I believe the scientific way to describe that sum is "a sh*t-ton of money," especially when you factor in interest.
Paying down your loan is both super daunting and super important for your financial future, which is why we connected with a handful of experts to learn their most creative tips for saving money. Even if you don't have student debt (lucky you), these genius money-saving tips will help you put a little extra cash in your pocket so you can start working towards your other financial goals, like building an emergency fund, buying a home, saving up for a dream vacation, or starting your own business.
If you haven't yet taken on any student debt but are considering it, head over here where we're breaking down the student loan crisis, the important questions you need to ask about your financial aid package, the shady college loan practices you should watch out for, and a guide to what all those financial aid terms even mean. It's complicated stuff, but take a deep breath, 'cause I know you got this.
Here's what financial experts say you should do.