7/7/08

How I'm paying off my school loans

My wife and I are in our last semester in school, so pretty soon we'll be getting a call from our lenders wanting all that money they gave us for our degree. All together, I've estimated we'll owe around $35,000, which isn't too bad, considering we attended a private college. Here are some of the things we're doing to help pay off our college loans quickly.

1. Paying off credit card debt
    We aren't in that much debt, but every little bit of debt counts, and it hurts my wallet to pay those pesky credit card bills every month. We're doing everything we can to pay off our credit cards (and cancel them) before we have to start paying our school loans back.

2. Joined Upromise
    Upromise is a rewards program where you can earn money to pay off your loans by buying products from their partners. The good news is that they have a LOT of partners, including Mcdonalds, Barnes and Noble, JCPenny, and many others. We do our grocery shopping at Publix, and we'll earn extra money by buying Upromise partner products there.

3. Getting rid of unnecessary expenses
    We're trying to live on as little as we can right now, and not spending more than we have to. We're saving a lot of money by cooking at the house instead of eating out, and by renting movies instead of going to a theater and buying popcorn, drinks, etc.

4. Building up our savings
    I'm not exactly sure what our monthly payments on our loans are going to be. Some months we might not have made enough to make the full payment. That's why we're trying to build up our savings, so if we have to, we can dip into that to help ease the burden.

Does anybody have any other ideas for paying off their school loans? PLEASE let me know!

1 comment:

  1. I would think it would be wise to take a loan out to cover what you owe on your credit cards unless you are swapping them to get 0% balance on transfers every chance you can. I looked at various online price comparison sites including eComparison which might be able to get you a better rate than your paying now. Goodluck.

    ReplyDelete