Eliminate Student Loan Debt

Written by Mark Sanfilippo
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If you're one of the tens of thousands of students or graduates who has accrued a massive amount of student loan debt, then chances are you are greatly concerned with eliminating this debt. When you take a look at your various loans, it may seem like an impossible task to ever completely eliminate them. It is possible however, and you don't have to win the lottery to do so.

The key to eliminating student debt is being smart. This may sound tautological, but it's really not. You have to look at your various loans and their respective interest rates and give a good objective assessment as to whether you will honestly be able to manage each of the loan repayment schedules.

One very powerful tool you have in your corner is debt consolidation. Many aren't even aware that there is such a thing as student debt consolidation, or that it's a Federal program. Direct Student Loan consolidation is a program whereby you lump all of your various student loans into one low interest loan. This is helpful for a variety of reasons, not least of which is that it levels out your various interest rates.

Constant Payment Wears Away Debt

As with any Herculean task, steady, consistent behavior is the best way to attack student loans. It may sound simplistic, but eliminating student debt is all about making the payments. Even if you've consolidated your student loans, there are still some really flexible repayment plans available to you. Some are fixed, while others adjust according to financial need. Loan companies want to help you repay your debt, and most are more than willing to work with you to create a repayment schedule that fits your lifestyle.

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