Federal Student Loan Help – One Wacky Way to Pay it Off!

0
141

A federal student loan can be a pain to pay off, but you’ll find a fast way to do it below. And after the quick method, some good ideas in case you still need them.Recently you have probably seen in the news how bailouts have saved banks and some other companies. You might even be asking when you get your student loan bailout.As luck would have it, so far no one has created that bailout. You may find the idea below helpful in your quest for freedom from your past loans, and all those pizzas and lattes in college.Have you looked at real estate?Property values have really sunk, and people have defaulted in record numbers. If your neighborhood looks like mine, you have a few more vacant houses than you used to, and sales aren’t going so fast.That’s where this idea shines. Now you can put those houses to work for you!First, find a foreclosed property or a even a fixer upper house.Make the best deal you can to get it for way below market, 50% or less if you can. Now apply for a HELOC (home equity line of credit). The HELOC should match or exceed the amount of federal student loans you have.If not, don’t worry, just do it twice.Now, if you feel exceptionally unethical, you can use the money to pay off your student loan debt.To finish up the concept, sell the house for more than you bought it, including the new loan. Or some people might default. You get the picture.At about this time, you might think, “what a lousy idea! I’m not going to buy a house in this market and then hope to sell or lose my shirt!”Okay, let’s look at the more ethical options available to you.Bonus IdeasYou aren’t the first to worry about a big federal student loan looming over your future. With time and focus, you can pay it off.- You can move in with your parents or grandparents for a couple of short years. Send your rent money to pay down that loan. That right there could be $12,000 per year.- Go back to mowing lawns for extra money, and shoveling walks in the winter until you get your student loan paid off.- Sell your RV and use the payment to get your debt paid off.- Ditto the four wheelers, the boat, the jet skis, and any other toys.Painful, I know. Paying off your federal student loans can take some time and diligence. If you’ll make a few sacrifices and throw extra money at this problem, you can pay it off fast.It might take extra effort, but once it’s gone, you’ll feel better, and you can move out of grandma’s house, and buy back all those toys.