Desperate to be debt free
You have probably heard about the Sacramento State graduate student who is attempting to sell her virginity to pay off her student loans. A desperate, shocking way to get out of debt.
Frugal Dad points out there are many alternatives to prostitution, which I've interspersed with a few of my own tips.
"Charity for Debt. Many programs are cropping up that allow graduates to volunteer their time to a cause sponsored by someone willing to repay a portion of their student loan debt."
Teach for America does this. Some rural states will pay the loans of graduates who work in nursing, pediatrics or dentistry in their states through the National health Service Corps. Read more about how the Peace Corps, AmeriCorps and other programs help students with loan repayment.
"Get a job," Frugal Dad continues. "I know, how old-fashioned. After only two years of college I recognized student loans were not the way to go. I got a job and decided to work my way through the remainder of school, and through the student loans I had already accumulated. Try to find a company that...
...offers tuition reimbursement if you are still pursuing a degree. If you are already finished with school, but still paying for it, hold your lifestyle in check those first few years and throw everything you can at repaying those loans."
"Seek help from a family member." Family members may be able to shoulder some of the costs of tuition or loan repayments. Or they can contribute pre-college to a student's 529 plan. The Freshman Fund helps facilitate this. Don't be scared to ask for help. I learned too late that my little sister needed $200 to finish a semester and get her grades but she never called me or anyone else for help.
Another resource for debt repayment is the site YouCanDealWithIt.com. They explain basic terms, have helpful calculators and tips for parents.
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About The Bargain Hunter
Daily News staff writer Julia Scott loves to find bargains on everything from groceries to Gucci. Her tips will help keep your hard earned cash where it belongs - in your pocket.
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This is a really great post. I'm desperate to get out of debt. I need posts like this to help me. I tend to bury my head in the sand and try to ignore my debt. This helps remind me to get rid of it. I'm also a new mom and now I'm reminded to really get rid of my debt and start with the freshman fund. ugh, this debt is killing me. Imagine how all the big banks felt with their billions in debt just closing in one them.
Extreme Times requires extreme measures but you have to draw the line somewhere.
If you have a lot of debt then my advice is to dig in for the long term. Don't try to solve all your financial problems in at once - give yourself 5 or 10 years to solve them. Stretch out your timeframes. Sure debt is a terrible burden but make your peace with it and go about working hard to eliminate it.