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10 Strategies to Reduce And Repay Your College Debt

10 Strategies to Reduce And Repay Your College Debt

When I finished college, I was lucky to find a great job in my field in less than a year. That was the good news. The bad news was that I had a lot of college debt. I had attended a wonderful, but pricey university. Because I was in an academically challenging program, there were several semesters where I opted to live on loans rather than working. That’s something I now look back on with regret.

I can now happily say that I am debt-free (at least as far as college loans go). It took a while to make it happen, and I learned a few tough lessons along the way. If I had to go back and do things over again, there are definitely some decisions I would reconsider.

Knowing what I know now, here are 10 strategies I would like to pass on to current and prospective college students to help you avoid my mistakes:

1. Apply For Scholarships

I was fortunate enough to receive a small scholarship through a foundation that my father’s employer started. It definitely helped. I wish that I had sought out more scholarship opportunities. Unfortunately, at the time I assumed that these were limited to academic superstars and athletes.

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What I know now is that there are thousands upon thousands of dollars in untapped scholarship funds. These funds are rewarded by a variety of groups and organizations. They are given to students who a pursuing specific career paths, who are able to write convincing essays, who have a history of community service – even students who are exceptionally tall. Do your research and you will likely find at least a handful of scholarships you qualify for to apply to.

Here are some sources to consider:

  • Your local Chamber of Commerce
  • Fraternal organizations and charities
  • Your employer and your parents’ employers
  • Associations and trade unions in your field of choice
  • College and high school alumni associations

2. Seriously Consider Work-Study

This is where I made a big mistake. I didn’t want to work a part-time job off-campus because the standard 20 to 25 hours per week was just too much for my demanding schedule. However, if I had taken a work-study job for twelve to sixteen hours each week, I could have cut the amount of student loan funds that I allocated to personal, living expenses by about half. Considering the high amount of interest that student loan debt accrues, that can be pretty significant.

3. Trade Service for Tuition or Loan Forgiveness

In addition to offering scholarships, some companies will reward students, especially employees, with college funds if they participate in a minimal number of customer service hours. Students who are willing to really commit a significant chunk of time to serving others can participate in government programs that offer tuition payments or loan forgiveness in return for service. However, it is important to note that many of these programs require 10 to 12 months or more of service. Examples of service opportunities include: AmeriCorps, Fema Corps, Peace Corps, and Teach For America.

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4. Look Into More Interest-Friendly Options

Private student loans can be expensive. This is especially true because most college students have not established the credit-worthiness or accumulated assets that they can leverage to negotiate loans at better terms. One thing to consider is asking your parents or another supportive family member to help you to finance your education by co-signing or taking out loans in their names. For example, a personal loan that your parents secure with a certificate of deposit at their hometown bank may be half the interest of an unsecured student loan from a large bank.

5. Avoid For-Profit Schools

The two best ways to deal with student debt is to simply pay less tuition and attend a school with a great post-graduate employment rate. One of the best ways to make this happen is to steer clear of for-profit schools in favor of public and private colleges and universities. You will pay significantly lower tuition rates and increase your chances of obtaining a good job post-grad. If you choose to, you will also increase the likelihood that you will be accepted into a decent graduate program.

6. Cut Back on Spending and Delay Major Purchases

Once you have finished school, it is time to sit down and create a five-year financial plan. If you have a lot of debt coming out of school, this plan should focus on reducing spending and being conservative when it comes to taking on new debt.

It is also important to prioritize ensuring that your student loan payments are made without fail. This way, if there is ever a significant financial emergency in the future, you are in a better position to renegotiate terms. For some graduates, this may mean finding alternative ways to deal with emergency expenses. According to First Choice Title Pawn, there are easy ways to get quick cash in the case of emergencies, while still keeping up with your other financial obligations.

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7. Consider Community Colleges and Public Universities

If you are unsure about your major or the career you want to pursue, are you sure you want to go into thousands of dollars in debt to attend a private university? Many students opt to do this and end up owing banks and the federal government lots of money.

If you do have your heart set on attending a private college or your future goals require that you attend a four-year college, take a look at commuter schools and community colleges anyway. You may be able to earn credits during summer sessions by taking a couple of classes at the local community college that you can apply towards your degree.

8. Start Paying Down The Debt Immediately

Many students don’t realize this, but you don’t have to wait until graduation to begin making payments. Even small payments made while you are still in school can help you to reduce your overall debt. This is good information to pass onto your parents as well, if they have committed to helping you pay down your debt.

9. Pay More Than The Minimum Payment Each Month

If it helps, think of your student loan payments like you would a mortgage payment. If you only pay the minimum, the terms of your loan could stretch for decades. However, if you double your payments, or make a second payment each month, you can significantly reduce the length of your loan. Just keep in mind that all loans vary, and ask your lender for information on their specific policies.

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10. Consider Career Paths That Earn Loan Forgiveness

If you are interested in a career that serves others, you may be qualified for full or partial student loan forgiveness. Students entering fields such as nursing, social work, and public education can often have their debt reduced or even eliminated altogether. Just be aware that there are restrictions. For example, a teacher willing to work for five years in the public school system is more likely to qualify than a teacher who goes to work for an elite private school.

Student loan debt is a real problem. It significantly impacts the quality of life of many college graduates, and has also become a matter of political concern. By using the tips outlined above, you may be able to reduce or even avoid taking on too much crushing debt.

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Last Updated on April 19, 2021

40 Healthy And Really Delicious Meals You Can Make Under $5

40 Healthy And Really Delicious Meals You Can Make Under $5

Ever had those moments where you really wanted to eat something delicious and healthy but didn’t have the financials means to do so? Whether you’re a student or parent, this compilation of 40 great, healthy, and inexpensive recipes will make every night special and help you get fit! No more meals where you have to force the food down! It’s time to make that budget your best friend and turn it into great recipes. Enjoy!

1. Fish Tacos in Crunchy Shells ($3.56 per serving)

Is there a better way to end the day than a Fish Taco dinner filled with protein and nutrients and is easy on the wallet? This recipe calls for a boys’ or girls’ night in front of a good movie or game.

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    2. Mini-Meatball Noodle Soup ($3.43 per serving)

    We’ve heard of the delicious spaghetti and meatballs recipes, but imagine having that same meatball goodness in a soup? It’s like Christmas in a bowl. Healthy, warm, and only $3.43 per serving.

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      3. Spaghetti and (Vegan) Meatballs ($2.13 per serving)

      Now it’s time to look at the traditional spaghetti and meatballs recipe, but with a little twist: vegan meatballs. This way, you can enjoy the Italian tradition without adding on the extra calories. I’m sold!

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        4. Kabocha Squash and Lentils ($3.12 per serving)

        Absolutely delicious way to end the day with a Kabocha Squash and lentils dinner. The beauty of this recipe is that you can actually make many other things from the mixture, from dips to full-on meals. All under $5 per serving.

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          5. Baked Coconut Lentils ($0.91 per serving)

          Coconuts are always a good idea, but it doesn’t have to be eaten only for dessert or breakfast. With this great recipe, you can now eat a lunch or dinner filled proteins and a coconut twist. Yum!

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            6. Easy Marinated Roasted Chicken ($3.40 per serving)

            We love chicken and at less than $5 per serving, we are in heaven with this recipe. Add some vegetables and rice on the side and you’ve got yourself a full meal!

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              7. Organic Greens and Goat Cheese Gratin ($2.36 per serving)

              This is absolutely divine. You get in your healthy greens and your fat macros with this great recipe. Takes only a few minutes to make and it’s easy on the wallet. Bon Appetite!

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                8. Beef Pot Roast ($3.22 per serving)

                One word: perfect. This meal will warm your insides and fill you up with the high protein content.

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                  9. Fajita-Style Quesadillas ($0.43 per serving)

                  If you want to eat Mexican tonight but want to stay in your budget, this Quesadilla recipe is your best friend. It’s tasty and filled with healthy ingredients for less than a dollar per serving.

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                    10. Fish Tostadas with Chili Lime Cream ($2.82 per serving)

                    Another great lunch idea for the busy days ahead. Prep this in the morning or the night before and you’ve got yourself a healthy and cheap lunch meal!

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                      11. Beef and Black Bean Chili ($1.36 per serving)

                      Might not look like much, but this amazing chili is actually extremely healthy for you. The protein from the beef and the carbs from the black beans will fill you up in no time, and keep you full for a long period of time. Delicious and warm, just right for the winter!

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                        12. Crispy Fish and Peppers ($2.18 per serving)

                        Amazing recipe for anyone looking to change up their meals while keeping their macros in check and not going overboard on spending. Satisfies your crunch tooth (see what I did there?) and gives you all the protein you need to stay full and lean.

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                          13. Vegetarian Gumbo ($1.50 per serving)

                          You have the perfect macro mix here with the carbs, fats, and proteins. At less than $5 per serving, you’ve got yourself a meal that will last for the whole week!

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                            14. Mexican White Bean Soup ($0.99 per serving)

                            With the cold weather creeping in, it’s not a surprise that soups are coming back in style. This great Mexican White Bean Soup dish will keep you warm for winter without making a hole in your pocket.

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                              15. Black Beans with Mango & Cilantro ($0.38 per serving)

                              Mangoes make every dish a little bit sweeter, which is why we absolutely love this recipe. A normal rice and bean dish might be a little meh, but add the sugary taste of mangoes and you’ve got yourself a party!

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                                16. Bean Burritos ($0.71 per serving)

                                If you’re having people over tonight and don’t want to spend too much time or money on food, this dish is a great option! You can even cut up the burritos into pieces and make finger foods while everyone’s watching the game or gossiping.

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                                  17. Five-Spice Beef Kabobs ($2.43 per serving)

                                  The spices in this recipes add a delicious twist to the beef kabobs, which is definitely worth trying!

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                                    18. Cornmeal Crusted Pork ($1.92 per serving)

                                    If you like the fried crunch but want to opt for a healthier alternative, cornmeal is your man. This healthy recipe will satisfy all your fried desires without making you pop open your pant’s button.

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                                      19. Chicken, Tomato & Cucumber Dinner Salad ($2.57 per serving)

                                      Easy to do, extremely healthy, and super delicious. A must-try!

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                                        20. Lentil Soup with Beef and Red Pepper ($1.90 per serving)

                                        I can’t believe how cheap this meal is, especially for all the nutrients it contains. You can make a big pot on Sunday night and divide it into small portions to last you a whole week.

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                                          21. Smoky Mushroom Stroganoff ($1.90 per serving)

                                          Craving pasta but not sure what to top it off with? How about smoky mushrooms with a twist?

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                                            22. White Bean Tuna Salad ($1.36 per serving)

                                            You can add this White Bean Tuna Salad in your sandwich or just eat it as-is for a quick lunch on a busy day.

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                                              23. Sausage Eggwiches ($0.80 per serving)

                                              Who says you have to eat fast food to get an eggwich? This delicious recipe will give you an amazingly healthy eggwich for less than a dollar per portion. Can you say Breakfast?

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                                              Sausage-Eggwiches

                                                24. Baja-Cali Black Bean Salad ($1.17 per serving)

                                                Great snack to add to a movie-night with friends. You don’t have to use chemically-processed salsas anymore, you can now use this homemade salad for your chip dips.

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                                                  25. Gnocchi, Sweet Corn & Arugula in Cream Sauce ($2.24 per serving)

                                                  Italians always knew how to make carbs look good! This delicious Gnocchi recipe will give your lunch a whole new meaning. Easy to make and only $2.24 per serving.

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                                                    26. Vegetable Lasagna ($1.73 per serving)

                                                    If you were looking for a healthy lasagna, you’ve just found it. At under $5 per serving, you can fill yourself up right away without putting on the extra calories.

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                                                      27. Fajita-Ranch Chicken Wraps ($2.05 per serving)

                                                      Don’t know what to make for lunch this week? How about delicious chicken wraps with a healthy ranch? This recipe will make all your lunches, even the quick ones, healthy and colorful.

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                                                        28. Quinoa with Pan Roasted Brussels Sprouts ($1.24 per serving)

                                                        A dish that has quinoa and brussel sprouts can’t be unhealthy, it just can’t, which is why this dish is one to keep in the books. Easy to make, healthy, and will keep you full for a long period of time.

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                                                          29. Butternut Squash Chili ($1.04 per serving)

                                                          You don’t need meat to make chili now that you have this recipe! It’s 100% healthy, filling, and smells absolutely delicious.

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                                                            30. Fast Shrimp Bisque ($2.03 per serving)

                                                            Seafood doesn’t have to be expensive if you know how to do it right, and this fast shrimp bisque is a great recipe to try if you’re in the mood for some seafood!

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                                                              31. Chicken-Noodle Casserole ($0.98 per serving)

                                                              Looks divine doesn’t it? This super easy to make dish will satisfy all your taste buds without burning a hole in your wallet or adding a few extra numbers on the scale.

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                                                                32. Burrito Cups ($1.18 per serving)

                                                                Entertaining someone tonight and don’t know what to make as appetizers? These burrito cups are a great alternative to chips or other greasy finger foods. All you need to enjoy it is a spoon and a cup.

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                                                                  33. Lemon-Dill Shrimp & Pasta ($2.45 per serving)

                                                                  Another impressive shrimp recipe under $5 per serving. The lemon-dill twist adds a great taste to the dish.

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                                                                    34. Potato Frittata ($0.87 per serving)

                                                                    If you want to eat potatoes for breakfast but still want it to be healthy, this is the recipe for you. At under a dollar per serving, this potato frittata will make you see potatoes in a whole new light.

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                                                                      35. Grilled Pork and Pineapple ($2.67 per serving)

                                                                      Meat and fruits? Oh, yes. The juiciness of the pork mixed with the liquid sugar in the pineapple will make you wish you knew about it sooner.

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                                                                        36. Greek Honey-Lemon Pork Chops ($2.15 per serving)

                                                                        Another splendid recipe mixing sweet and salty for a healthy meal. Easy to make and absolutely mouthwatering.

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                                                                          37. Jamaican Pork Stir-Fry ($2 per serving)

                                                                          You can add this healthy stir-fry to any dish as a side or amply enjoy it as-is for lunch or dinner. You can even make a wrap sandwich out of it if you’re in a rush to eat.

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                                                                            38. Herbed Salmon ($2.49 per serving)

                                                                            Salmon contains a healthy dose of fats that will boost your metabolism, lower inflammation, and make you happier. At under $5 per serving, need I say more?

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                                                                              39. Five-Spice Pork Kabobs ($1.96 per serving)

                                                                              Exquisite recipe under $5 per serving that will most definitely awe everyone at your dinner party.

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                                                                                40. Stuffed Sweet Potatoes with Mango-Black Bean Salsa ($1.24 per serving)

                                                                                You don’t have to eat sweet potatoes alone anymore with this flavorful recipe.

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                                                                                  Featured photo credit: Featured Photo Credit: 5 Dollar Dinners via 5dollardinners.com

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