How do I pay off a high student debt?

Answer by  patti (29325)

Try to get your lenders to buy/sell so that your loans are located with a single lender. This wil help lower your payment. Be careful of consolidation plans, which lower interest and payments, but extend the term to 40+ years. Get a second job is you must. Failure to take care of student loan debt will destroy your financial life.

Answer by  NGoodson (3395)

First, look into student consolidation loans to see if you can get a lower interest rate. Then, choose or work out a payment arrangement that you can afford.

Answer by  olive8 (911)

You should begin by contacting your lender(s) and if possible considering loan consolidation. Then make sure you pay the interest on the loans at the very least to avoid having that added to the principal. No matter what you do be sure to stay in close contact with the lenders to avoid any negative credit reporting.

Answer by  gcmeyer2 (787)

The first thing you need to do is get organized. Chances are that you have multiple loans. Get them all down so you know what you are doing. See if you can lower the interest at all and then set a plan and stick to it. Pay off the smaller ones first and always pay more than the minimum.

Answer by  jon6 (488)

The first thing to do is cut your spending. Eat out less or do other things to reduce your spending. Put this money towards the debt.

Answer by  deunnero (8)

You can do a few things to get out of debt. The first thing you can do is get a job and pay the minimum amount required on the student debt. Second, get assistance from your family.