If you took a poll on the street of the debt that’s most crippling and that most people would like to pay off, many people would likely say student debt. We know that today’s students are living with the largest amount of unsecured debt in history and many of them do not envision paying it off anytime soon, which is limiting their ability to settle down, purchase homes and have families, even if they want to. However, student loan debt is not limited to the millennial generation and Gen Z. Many boomers and Generation X citizens have been carrying around the millstone of student debt for years and don’t anticipate paying it off before they retire. A recent report found that Americans over 60 are carrying over $86 billion dollars in student debt. That debt has been accruing interest for decades, growing insurmountable ever year. This is a problem. If you are still carrying around student debt, you must understand that debt is unique. Unless you qualify for student debt forgiveness, you will never be free of that debt, even if you declare bankruptcy. Factum Financial has compiled a list of the top 6 things you can do now to get out of debt cycle and start living your life.

Change Your Repayment Plan

You can change your repayment plan to aid you with one of two things: if you are drowning in debt and need to extend your payment or if you want to pay your loans off more aggressively. When you leave school, you will automatically be enrolled into a standard repayment, but that may be to slow depending on your income level and how many of your loans are accruing interest. Certain loans don’t charge you interest while you are in school, but begin when you graduate. Talk to your loan servicer to see what can be done about changing your plan.

Find Out If You Qualify For A Student Debt Forgiveness Programs

If you are a part of the following career fields, you may qualify for a student loan forgiveness program:

  • Public Service – You might qualify for the Public Service Loan Forgiveness (PSLF) program.
  • Teacher – Depending on which state you live in, there are many programs that help studious teachers to eliminate their student debt.
  • Nursing And Medical – There are an abundance of student loan forgiveness programs that exist for doctors and nurses depending upon state.
  • Military – Military members have a number of temporary and permanent measures in place for student loan forgiveness that can be discussed with your local Veterans Administration.

Consolidate Your Student Debt

Consolidation and refinancing are often confused but they are used for different types of unsecured debt. You can consolidate all of your federal loans into one large loan with an interest rate that is a weighted total of all the respective loans. This will not necessarily eliminate debt faster, but it ensures that you only have to make one payment, which might help you strategize and pay off quickly.


Refinancing can help you pay off your private student loans quicker by helping you get a more favorable interest rate. You can also refinance public loans to make them private loans, thus making your interest rate better. However, to do so is to take a public loan and transfer ownership of it, which isn’t always the most financially savvy. You will need good credit and the reality is that some banks will still say no. There are a lot of resources out there to there to help you get started, such as credible.

Ask For Employer Assistance

Certain employers are starting to offer tuition assistance programs that help employees pay a certain amount of their education costs every year. Places like Fidelity and Penguin Random House offer between $1,200 and $2000 as tuition compensation. Watch for employers that offer this unique program or ask your current one if they might offer it. The worst they can say is no.

Pinch Your Pennies And Repay

Unfortunately at some point you are just going to have to get in the thick of it and pay down that student debt. Save your money while you are in school if you can so you can get a head start on the debt. If you are out of school, use things like windfalls and tax refunds to carve out big chunks of that money. Again, it’s debt that’s going to follow you everywhere and you must pay it back so you might have to get cozy with the idea that you don’t get to use that tax return you were planning to use for a new toy this year and instead must pay down that student debt.

A Different Type Of Repayment Strategy

No matter what, you will have to pay off this debt and no matter what it’s going to take some saving and scraping on your part. However, what if you could pay back your loans and recapture the interest and principal from the debt as you pay it back? It sounds like a foreign concept, but with a cash flow system built for you by Factum Financial that’s designed to increase the growth of your cash every year and greatly reduce taxation. This isn’t a new way to repay, just different and it’s the way that the world’s most successful and affluent families have been managing their debt and growing their wealth for 200 years. Contact Factum Financial today to schedule your free 30 minute wealth strategy session and find out how you can electrify your financial strategy now.

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