4 Tips to Eliminate Your Student Loans

Student Loan Debt is… Staggering

Take a look at these statistics:

$1.48 TRILLION - Total student loan debt in the U.S.

71% - Percent of graduates with loan debt after 4-year degree

$351 - Average monthly loan payment after graduation

44.2 MILLION - Number of Americans with student loan debt

Debt is extremely prevalent within our society but, for the most part, an average person will try to avoid it, if possible. What’s amazing is that many people don’t think twice about taking on student loan debt. And we aren’t talking about insignificant amounts either.

It’s not uncommon for student loan debt total amounts to be $10,000, $25,000, $50,000, or sometimes even upwards of $100,000!

So, the question is this: Why are young people, even those who are intelligent and otherwise financially sound, so likely to get entrenched in massive student loan debt?

The likely answer is that the perception ingrained in our country is that college is expensive, and the exclusive way to get a high-paying job is to go to college. Combined with knowing that the student loans I take do not need to be paid back in 10 or 15 years or even longer, the grand total of debt that I will owe is nebulous and not an immediate concern.

The truth is that college should not be expensive and should, rather, be funded by our government. Countries such as Sweden, Norway, Germany, and France have free higher education for citizens.

Here in the U.S, state universities used to be free. Up until the Vietnam war, a 4-year degree was provided for residents, just like our current K-12 free education system. The state of California even had free higher education for tax-paying residents until 1970!

Unfortunately, our current system is costly, so we must learn to cope. There are several techniques we should utilize to prevent ourselves from taking any student loans. In addition to simple ideas like beginning to save for college early; first attending a 2-year community college and then transferring to your state university; and living at home to reduce room and board cost, here are a few suggestions on how to more quickly pay back the loans we have already incurred:

1. Focus all your energy and resources to pay off the highest interest loans first.

This means not paying a dime more than the minimum required payment on the lower interest loans until the higher ones are completely paid off. This is the “debt ladder.”

2. Do not incur any other types debt.

This may be obvious but it’s essential that you reduce spending in other areas so your full attention can be directed toward your student loans. This means cutting up your credit cards, tracking your expenses, and not buying coffee every morning. Remember, a measly $3 coffee each day amounts to more than $1,000 per year.

3. Set a goal(s) for yourself.

Again, this might be obvious; however, it’s important to remember that goals, both big and small, allow us to strive for a specific outcome. Make a list of your student loans in order of highest interest rate to lowest. This will be your list of goals, and you can check each off one-by-one as you pay them off.

4. Implement the power of group saving and use crowd-sourcing to your advantage.

EPIMONI combines these two ideas in to an easy to use (and free) platform. Online personal finance tools are becoming more popular, secure, and value-creating.

If you want to be part of EPIMONI’S Beta Test, click here to sign up and see if you qualify for a free $10. All are welcome to join.

All content in this post is property of EPIMONI LLC. The websites of private or trademarked company names used in this post have been linked, accordingly. Photo cred: and


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