How to Pay Financial Aid Back


Struggling to pay financial aid back? Guess what? You are not alone. Several people get financial aid in order to go to school, start a business or pay unpaid bills back. Then, afterward, they have to figure out how to pay it back. It is a challenging situation to be in, but not an impossible one to overcome.

Join a service group. Organizations like the Peace Corps will help pay off financial aid for college. So as you help the world, you will also be relieving yourself of a debt. Even better, you'll be getting an education on different cultures and socioeconomic groups.

Work a few extra hours at work. If you make $15 per hour and work an extra ten hours a week, by week two, you'll have earned and additional $300 dollars. Of course, it may be whittled down to $248 after taxes, but that is a substantial amount of money to apply to your financial aid.

Get your payment deducted out of your paycheck. This tactic is especially helpful for a person who has a habit of spending her money frivolously. Before you actually get your paycheck in your hands, the money for your financial aid payment will be deducted from it, so you won't even get a chance to spend it on something useless.

Skip your daily latte for a month. This adds up to almost $3 per day. Throw the money in a jar and bring coffee you brew at home to work. By the end of the month, you will have enough money to make a payment on your financial aid loan. Also, you will cut back on your daily calories and lose weight.

Rework your payments. If you've taken on more than you can chew in bills and can't make the allotted payments, ask for a rework of your financial aid loan. Talk to the appropriate party and change your agreement to list payments you can truly make under your current budget.

Tips & Warnings

  • Avoid taking out loans from different institutions, because you will become overburdened with the payments.
  • Don't take out financial aid for unnecessary items like clothes or vacation.

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