Student Debt Essay

1107 Words 4 Pages
Pay of Student Loans Earlier Without Trying Too Hard

Student loan debt has now reached an epic all-time high, which is why the US government is finally cracking down on students that do not repay their student debts. You may be paying yours off, but is there a way to get it done quicker with a little less pain?

Can Students Avoid Paying Back Their Student Loans?

An old trick was to avoid your debt company for thirty years and they would write off your debt, but that trick isn’t possible anymore. There is nowhere you can hide where your credit company will not find you. In any case, if you do not keep your student-loan repayments up, then your credit score becomes so bad that you won’t be able to rent a place or even have a bank account.
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For example, instead of having all of your bills come out of your bank account, you could have them come out of your credit card. For all of your expenses, such as food shopping, presents, etc, you use your credit card. At the end of the month, you repay your credit card with the money in your bank. Here is an example of how it may work if you get an award of $40 for every $2000 you spend.

You have $2000 in your bank account.

You pay your utilities with your credit card, which costs $377.
You pay your rent, which costs $660.
You pay your other bills such as phone contract, which costs $75.
You pay for a month’s worth of food and household goods, which costs $420.
You pay for going out, clothes, and other expenses, which costs $368.
You pay for presents that you buy online, which cost $100.

At this point, you are $2000 in debt on your credit card. You move the money from your bank account over to your credit card and pay off the balance. You then receive your $40 award from the credit card company that you put towards your student loans.

Gambling Your Way Out Of Debt

You shouldn’t try to gamble your way out of debt because it never works. However, you may like to try investing just a little money into gambling every month and paying the winnings into your student debt. At the end of every month, you take a set amount from your wages and gamble

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