Smart Ways to Get Out of Student Debt
Greg Kiss, an indebted University of Minnesota sophomore, aimed a big spotlight on the student debt issue recently.
He started a website that identifies campus events offering free food. Besides using the site as a learning tool, Kiss hopes it'll help students save money at the grocery store and help them pay off debt.
The site has become extremely popular. Kiss estimates it has garnered 25,000 page views and is now selling advertisements.
That's not the only way students can begin paying down debt though.
Students who perform well during their freshman and sophomore years create leverage for themselves in regard to asking their schools for additional financial aid. If your grades are good you can negotiate for a better deal.
There's even more to do after indebted students graduate.
Financial advisors say students should consolidate their loans, request a lower interest rate, and negotiate with their lenders.
Additionally, a new government program called Pay As You Earn caps monthly payments on federal loans for many borrowers. And as the program name implies, allows you to make payments based on how much money you make.