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5 Crucial Steps To Paying Off Your Student Loans Before Your 30s

5 Crucial Steps To Paying Off Your Student Loans Before Your 30s

Student loan debt is a national problem. As of January 2016, total US student loan debt was over $1.2 trillion, and market analysts have warned about how this expanding student loan debt has become a bubble. That bubble bursting could have serious consequences for the US economy, as banks and the government could be crushed under a pile of insolvent student loans.

But the reality is that the student loan debt problem will not be fixed easily, whether at the societal or the individual level. But there are a few things which any student can do to ensure that he is debt free in his 30s. Here are five steps which can make the difference between a manageable debt and a crushing one.

1. Spend less

Let us start with one fact: by and large, people go to college because they want money. College should be viewed as an investment where you spend money on tuition now to make more money later – and despite the concerns over debt, college is still a good investment.

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But the first step to make money is to not spend it. You are in debt. And the reality is that when you are in debt, there are sacrifices which you have to make in order to get out of debt. It may mean delaying a marriage, getting a worse car, or not eating out, but things like that will help to lessen debt over time.

I won’t deny that this is one tough step. But there is no easy way to getting out of student debt.

2. Don’t look for the easy way out

There are thousands if not millions of young adults just searching for an easy way to wipe out their student loan debt and start clean. And that sort of environment attracts scammers looking to prey on the fears and hopes of the desperate.

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Honest student debt relief organizations will never demand money up front, but the simplest rule you can follow is that if a group’s offer seems too good to be true, then it probably is. This example from the Consumer Financial Protection Bureau should serve as an example of some of the things a scammer will do.

There is no easy way out of student debt, and looking for one will get you in trouble. Acknowledging that you are in trouble is the first step to getting out of it.

3. Get a government job

Everyone knows that the military is an option for many individuals to get into college for free. But you don’t have to face bullets in order to qualify for government loan forgiveness programs.

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Most government jobs, and especially teachers, can be qualified for a loan forgiveness program where a set amount is forgiven every year. This can be as much as $10,000 per year for government employees in forgiveness. If you are unwilling to commit to years of government service, then a short-term option is to take a stint in AmeriCorps or the Peace Corps.

It should be noted that these programs have a catch. Most loan forgiveness programs will require you to make 120 payments on time before the loans are forgiven. And some students will struggle when they realize that loan forgiveness programs do not apply to personal finance, such as car loans you may have taken out..

4. Pay off private loans first

The vast majority of student loans come from the government. A 2014 estimate showed that out of the $1.2 trillion in student debt, just $150 billion of those loans are private.

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But private loans are much more dangerous, and should thus seek first priority. The aforementioned loan forgiveness programs do not apply to private loans. And perhaps most importantly of all, private student loans generally have a higher interest rate compared to federal loans.

As a matter of fact, the higher interest rate thing should be noted in and of itself. It may seem obvious, but there are too many people who don’t prioritize paying off the loan with the highest interest rate. This does not just apply to student loan debt: while paying off student loan debt is important, don’t do it if you’ve got credit card debt that will strangle your credit faster.

5. Don’t consolidate your loans.

In order to make paying student loans easier, some people opt for loan consolidation. Loan consolidation combines all of your small loans into one big loan. The government can track your payments based off your income, and the result is an easier to pay off loan which you can just handle month after month.

Except not really. Terms for long consolidation will generally assume that your time for repayment will last longer than if you had not consolidated your loans, which means that more interest will accrue and the loans becomes more expensive over the long term. If you want your loans paid off sooner, then track your loans yourself, and pay off as much as you can every month.

Featured photo credit: Francisco Osario via flickr.com

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Last Updated on February 11, 2021

Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Imagine receiving a regular supply of free samples through your letterbox?

These free samples by mail could include things such as cleaning products, cosmetics and packaged food.

Free samples are a great way to try out some of the latest products. One week you may have a new toothpaste to try – the next week you may be snacking on a delicious chocolate cookie sample.

As the saying goes, variety is the spice of life. And by requesting free samples by mail (I’ll show you how shortly), you’ll have not just variety – but fun too!

Tell Me More About Getting Free Samples Sent to My Door!

So, it looks like I’ve caught your interest. That’s great news!

Just before I introduce you to 10 places where you can get free samples by mail, let me clarify a couple of things.

Firstly, all the places I’ll talk about are currently active in sending out free samples to consumers. (In other words, no links to out-of-date or dead pages!)

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Secondly, location is key. If you live in North America, then you’ll have a wide selection of places to sign up to. In other locations (for example, Africa, Asia and Europe), you’ll have fewer choices – but free samples by mail are still a possibility.

Lastly, to whet your appetite for the freebies, here’s a short list of product examples:

  • Pet food.
  • Beauty products.
  • T-shirts.
  • Greeting cards.
  • Wallets.
  • Snack bars.
  • Vitamins.

Free Samples by Mail… Tell Me Where to Get Them!

It’s now time to share my recommendations for the best sites to claim free samples from.

Let’s start with…

#1 SampleSource

    This company sends out boxes of 6-12 free samples about four times a year. Products include baby wipes, cereals and tissues. Register with SampleSource to be notified of the availability of their free samples. (Canada and U.S. only.)

    #2 Influenster

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      As their name suggests, Influenster wants to send free samples to you in exchange for you sharing about the products on your social media accounts. Once you’ve become a member (join for free!), they’ll send you a box of free goodies every few months. The more you share pictures and reviews of the products – the more free samples they’ll send you! (All major territories.)

      #3 PINCHme

        This organization will send you free samples in the hope that you’ll then go out and buy the equivalent full-size products. To receive regular boxes of free food, drink and cosmetic samples (and sometimes coupons), then sign up and create your profile. (U.S. only.)

        #4 House Party

          Thinking of throwing a house party? If yes, then be sure to sign up with this company. They’ll send you a box of ‘themed’ products and services that you can hand out at your party. Register with House Party. Wait for the fun freebies to be mailed to you. And then start sending out your party invites! (Worldwide.)

          #5 YoFreeSamples

            This site is a great resource for a whole host of free samples that can be mailed directly to your door (with no survey requirements!). You’ll find anything from books to perfume, with new offers listed daily. Head over to their site to see what’s currently available. (Mostly U.S., with occasional offers for other countries.)

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            #6 Magic Freebies

              The U.K.’s most popular freebie site. Register for their email newsletter, and they’ll send you a daily email with eight free sample offers. These include products such as disposable razors, dog bowls, and even fake tan! So, what are you waiting for? (U.K. only.)

              #7 SweetFreeStuff

                Since 2002, this simple site has been linking to the best free sample offers currently available. To get started, sign up to their daily email newsletter, which contains links to the latest offers. As well as free samples, SweetFreeStuff also gives information on coupons and deals. (Worldwide.)

                #8 Sample A Day

                  Would you like to receive a notification of a new free sample every day? Well, that’s the promise from this site. They claim to thoroughly research all offers, ensuring there are no catches or hidden surveys! From baby products to socks, this site is sure to have something for you. Registration is super-easy. Simply enter your email address. (Australia, Canada, U.K. and U.S. only.)

                  #9 Pretty Thrifty

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                    This site specializes in free beauty products, but also lets you claim free samples such as energy drinks, snack bars, and even magazine subscriptions. Pretty Thrifty has more than 85,000 followers on social media, so clearly knows how to attract free sample hunters. One thing that makes Pretty Thrifty stand out from most of their competitors, is that their email newsletter is available in daily, weekly and monthly formats. (Mostly U.S., with occasional offers for other countries.)

                    #10 CrazyFree

                      My final tip for getting the best free samples by mail, is Australian company CrazyFree. Their funky website offers big brand free sample offers, which currently include items such as Dolce & Gabbana perfume, Coke Zero, and Happy Dog pet food. To claim the offers, select the free samples you would like, and then complete their registration form. (Australia, U.K. and U.S. only.)

                      Receiving regular free samples by mail is a fabulous way of testing out the latest products on the market (and some that aren’t even on the market yet!)

                      You’ll impress your friends and family with all the free stuff you’ll be receiving. And take it from me… it’s a fun, free and rewarding hobby.

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