Crush College Debt: 5 Tools to Help You Find Financial Freedom
Debt is everywhere. With the price of college rising, students and parents alike are forced to make hard choices about how to deal with effects of a college education. The price of college is not going down, and students everywhere are feeling the burden.
Debt affects your personal finances, confidence and overall happiness. But it doesn’t have to rule your life! With a solid plan and budget, you can attack your loans and get closer to living the life you want, free of debt.
Use one of these five services to help you battle debt and get on track to financial freedom sooner:
What Mint is to budgeting, Tuition.io is to debt. Using an interactive graph, it shows you exactly how long it will take you to pay off your current debt. This is a great resource if you’re recently out of school and still have some time to figure out how you want to actually begin your repayment. It synchronizes with federal and private loans and updates your balances automatically.
You’ll also receive recommendations on what your optimal loan situation is and see how much you will actually pay over the life of your loan. If you need a way to clearly align your loans with a plan to erase them, Tuition.io is your best bet.
2. Campus Slice
Crowdfunding has become one of the best ways for anyone to raise money to accomplish a goal or support a charity. Campus Slice uses the same model, except you raise money for your tuition. By tapping into your network of friends and family, the platform allows you to raise money for your tuition during each semester. It offers you a personal page where you can describe your goals, accomplishments and future plans.
One you raise your required funds, you request a payout and the money is disbursed directly to your financial aid office. Easy, simple and fast. If you need to start saving for college and want a simple way to get ahead, Campus Slice is a great option.
StudentLoanHero is built to “empower student loan borrowers with the tools to repay their student loans more intelligently.” The site lets you enter in your current balances, then gives you the best options for repayment. It features a unique loan breakdown with a sliding scale that forecasts different monthly payments.
It also has a great overview of different payment options so you can stay informed and make the best decision with your money. If you’re unsure where to go or how to start paying back your debt, StudentLoanHero was made for you.
Part of the key to eliminating debt is creating a solid plan. ReadyforZero lets you do that by giving you a streamlined platform to collect all your debt and customized recommendations about how to pay it off. They have helped their users pay down over $50 million in debt and make better financial decisions.
ReadyforZero is focused on helping you pay down debt and build wealth at the same time. They have tools to check your progress, payments and next steps to take control of your debt. Their blog offers great information on personal finances and money insights that can help you make better decisions. If you need a plan and free resources to get you on track to beat debt, ReadyforZero can help.
If you have a dream, Pave is there to help you make it a reality—without debt. Pave lets students set up an “innovative social-financial agreement.” What does that mean? A team of backers gives you money to fund your idea, dream or educational goals and, in exchange, you pay back a small percentage of your income over the next 10 years.
As a prospect, you choose the amount you want to share, and it can be no more than 10 percent of your income. If you need help to finance your education and pursue your own path to career freedom without incurring tremendous debt, Pave is a great choice.
Each of these sites offers different opportunities to help you beat student loan debt and achieve your financial goals.
What strategies do you use to attack your debt? Share your experiences in the comments!
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