Would you sell one of your organs to be free from student loan debt? Think about that for a moment – an organ from your body to be removed and then sold to pay down your student loan debt.
Did you know, many students have said that they WOULD sell one of their organs if it meant that they could get rid of their student loan debt. While you may or may not think it is ethical and moral to do so, there are many students who did not expect the weight of their student loans to fall back so heavily on them.
When you first venture into the world of college and student loans, you are painted a picture that everything will be perfect, school is paid for, and you have nothing to worry about…. until six months after you graduate.
Now, everything you thought was okay is now not okay and you owe over $20,000 in student loans.
So, what would you do to pay off your student loan?
Interestingly enough, a study was done and found that about 30% of students WOULD sell an organ to be debt free. This is quite shocking and shows you how much student loans can truly affect the way you think.
In addition, over half of students in the same survey said that they would turn their life into a TV reality show just to get rid of debt.
While a kidney or liver will fetch you the most money on the black market, students are not going to actually undergo the scalpel and sell their organs. The real message here is that student loan debt is real and relief is needed.
What Are Your Relief Options?
There are a number of different student loan relief options that do not include selling any of your body parts. Some of your options include:
- Income-Based Repayment
- Loan Discharge
- Loan Forgiveness
You might also consider private student loan consolidation as a way to get relief from your student loan debt. Private student loan consolidation and refinancing can lower your monthly payment and overall cost by reducing the interest rate that you pay. There are a number of student loan consolidation lenders offering this service. You should compare all of the options before choosing a specific consolidation lender.
Tips for Paying Off Your Student Loans
If you want to pay off your student loans, there are some things you can do to ensure that you are able to pay them down while not skipping payments.
- Give up something expensive.
If you are used to doing something on a daily basis that is expensive, such as eating fast food or visiting Starbucks, you can eliminate these activities from your daily routine and you will have additional money to pay off your student loans.
- Put your loans first.
Start paying down your student loans first and make them a priority. Of course, you want to pay for your rent and electricity first to ensure you have somewhere to live, but after that, make sure you pay your student loans.
- Work with your loan provider.
Your loan provider has a list of different options to help you when it comes to paying back your loans. If you do not call your provider, they will not know that you need help, so you need to take the initiative and ask for help. Often, your loan provider will have repayment and income-based options to lower your payments.
- Don’t go into default.
It cannot be stressed enough – avoid default of your loans. You do not want your loans to default as this will spell trouble for you. Always do what you can to make the payment and never just push the problem to the side thinking it will disappear for good.
While you may have thought of going to extreme measures to pay for your student loans, there is no reason to take drastic measures when you have so many options available to you.
If you feel that you need to pay your student loans off as quickly as possible, consider doing some side jobs to help you raise additional money that you can send in to your loan provider. You will find that when you do send more money than the monthly minimum, your loan balance will dwindle down faster. There are options out there for you – you just need to explore them all.