A recent USA Today article cited a survey they conducted among college students. Among the students surveyed, 60% of them planned to borrow to pay for their college. Of that 60% of borrowing students, less than 2/3 of them planned to pay off their student loans in full and on time. This leaves us to wonder, what is the plan for the other 1/3 of those students? Let's be blunt for a moment. There are only three ways to get rid of student loans quickly:
B. Become permanently disabled
C. Get focused, intense, follow a proven plan, and make massive payments
Obviously options A and B are off the table, so that leaves us with only option C. Becoming focused, intense, and following a proven plan is what actually then affords you the ability to do the last part - make massive payments. And when we say massive payments, we don't mean paying $500/month when your regular payment is $400/month. We mean paying $1,200 - $1,300 on that $400 monthly bill.
Think about this - if "John" has $40,000 of student loan debt at 5% interest with a 10 year repayment, his normal payment would be $424.26/month. After 10 years, he will have paid almost $11,000 dollars of interest and spent an entire decade of his life beholden to his student loan debt. But, if John chooses to enact option C and pay an extra $800 a month, he will pay off his loans in exactly three years (not ten) and save himself almost $8,000 of interest.
Do we have your attention yet? This CAN be done. At Baseline Financial Solutions, it is our passion to help people beat debt, and we're good at it. Message, email, or call us today to find out how you can make option C a reality. Student loans (and other debts) do not have to hinder you for the next decade of your life.