| A federal student loan can be a pain to pay off, but | | | | than you bought it, including the new loan. Or some |
| you'll find a fast way to do it below. And after the | | | | people might default. You get the picture. |
| quick method, some good ideas in case you still need | | | | At about this time, you might think, "what a lousy |
| them. | | | | idea! I'm not going to buy a house in this market and |
| Recently you have probably seen in the news how | | | | then hope to sell or lose my shirt!" |
| bailouts have saved banks and some other | | | | Okay, let's look at the more ethical options available |
| companies. You might even be asking when you get | | | | to you. |
| your student loan bailout. | | | | Bonus Ideas |
| As luck would have it, so far no one has created | | | | You aren't the first to worry about a big federal |
| that bailout. You may find the idea below helpful in | | | | student loan looming over your future. With time and |
| your quest for freedom from your past loans, and all | | | | focus, you can pay it off. |
| those pizzas and lattes in college. | | | | - You can move in with your parents or grandparents |
| Have you looked at real estate? | | | | for a couple of short years. Send your rent money |
| Property values have really sunk, and people have | | | | to pay down that loan. That right there could be |
| defaulted in record numbers. If your neighborhood | | | | $12,000 per year. |
| looks like mine, you have a few more vacant houses | | | | - Go back to mowing lawns for extra money, and |
| than you used to, and sales aren't going so fast. | | | | shoveling walks in the winter until you get your |
| That's where this idea shines. Now you can put those | | | | student loan paid off. |
| houses to work for you! | | | | - Sell your RV and use the payment to get your |
| First, find a foreclosed property or a even a fixer | | | | debt paid off. |
| upper house. | | | | - Ditto the four wheelers, the boat, the jet skis, and |
| Make the best deal you can to get it for way below | | | | any other toys. |
| market, 50% or less if you can. Now apply for a | | | | Painful, I know. Paying off your federal student loans |
| HELOC (home equity line of credit). The HELOC | | | | can take some time and diligence. If you'll make a |
| should match or exceed the amount of federal | | | | few sacrifices and throw extra money at this |
| student loans you have. | | | | problem, you can pay it off fast. |
| If not, don't worry, just do it twice. | | | | It might take extra effort, but once it's gone, you'll |
| Now, if you feel exceptionally unethical, you can use | | | | feel better, and you can move out of grandma's |
| the money to pay off your student loan debt. | | | | house, and buy back all those toys. |
| To finish up the concept, sell the house for more | | | | |