3 Tips on Tackling Student Loan Debt

I have to admit that my student loan debt has been consuming me lately, especially because at the beginning of February I started paying back my doctorate loans (in addition to loans I'm still paying on my B.A. and M.A. degrees). I am no financial expert and it is my natural instinct to run screaming AWAY from anything having to do with finances, money, budgets, etc. That being said, here's some advice I DO have to offer.

1. Recognize that your student loan debt is, largely, a result of the CHOICES you have made... Unlike, say, medical debt that might result from treating a terminal illness.

It's easy to feel sorry for yourself, to feel like you're being punished because of your decision to get an education. It's easy to feel resentment towards people who, because of large trust funds, ingenuity, different life circumstances, or different choices, are walking around with the same education that you have without any of the debt. If you are feeling any of these negative things, make the choice to stop. Switch your thinking. Focus on how amazingly lucky and privileged

you are to have been able to choose to get an education. Use your education to make the world a better, more positive place. And don't take that education for granted. Ever. If you, like me, are paying very large student loan payments every month, you are lucky that you have a monthly reminder of just what that education cost you. Don't waste the education that is, largely, a result of the choices you've made and the opportunities you've been given.

2. Pay your bills on time. Every month. And look into loan consolidation or federally-sponsored programs to help alleviate debt.

Again, I'm no expert here and so I won't offer much in the way of specifics. Loan consolidation has been a good way for me to alleviate at least a little of the monthly burden and not feel like I have to rush out and get some job I don't want just so that I can make my loan payments every month. It has also been a way for me to have some flexibility in terms of how I spend my time and which professional opportunities I choose to accept and which I choose to pass by.

3. Live a simpler life and do not accumulate additional debt.

Although I am not often proud of the amount of student debt I have accumulated, I am proud to say that I have paid off all my consumer debt. And I continue to take steps everyday to simplify my life so that I have more available money to go towards paying off my student loans. I want to be debt-free as soon as possible, and to do that I know I have to pay off my loans as quickly as possible. That becomes easier because I choose to drive a used car, clip coupons, save money on my grocery bill by eating lots of fruits and veggies, little processed food, and no animal products. Although the sole purpose of making these choices is NOT monetary, having extra money to pay off my student loans is a nice by-product of some of the conscious decisions I make.

I have a long way to go and am far from perfect, but I thought I'd share a few things that I have learned on my journey. There isn't a day that goes by that I regret the decisions I've made about my education. I know that a large part of my growth and development as a person is due to the educational opportunities I've had. And I don't want the amount of my student debt to diminish for me the value of my education. Ever.

If you would like to comment on this post, or just introduce yourself as a reader, please do so in the comments section below. I would love to hear from you.

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Checking In...

I've been inspired recently by my brother, whose example of transitioning to a vegan diet heavily influenced my own decision to become a vegan. You can read up on his progress here.

I'll be back soon to post some updates on Personal Challenge #3, which has to do with taking care of some financial business. I'll also be writing about my January Compact journey and what I'm learning throughout the process.

Injustice Anywhere...

Today I've been thinking a lot about Dr. Martin Luther King, Jr. I've been thinking about the life he lived and the legacy he left behind.

This morning I was watching t.v. coverage of an MLK event taking place at the church in Atlanta, GA where both Dr. Martin Luther King, Jr. and his father were pastors. And I listened to Dr. Cornell West speak and I wish I could have recorded his speech or wrote it down because he said so much, so powerfully that I was actually moved to tears. Among many other things, Dr. West talked about how one of the things Dr. King was concerned about was the question of what it means to be human and to live a life of service. Dr. West also spoke about how love, when it is brought into the public sphere, becomes justice.

I'll leave you today with a few of my favorite Martin Luther King, Jr. quotes:

"Injustice anywhere is a threat to justice everywhere."

"At the center of non-violence stands the principle of love."

"History will have to record that the greatest tragedy of this period of social transition was not the strident clamor of the bad people, but the appalling silence of the good people."

And a question: What have you done, are you doing, or will you do to keep the legacy of Martin Luther King, Jr. alive?

Personal Challenge #3: Take Care of Financial Business (Week 1 of 4)

I'm back. Really. I am. And my third personal challenge is going to be all about getting my finances fit. Each week I will focus on one or two pressing items. This week, my focus will be:

1. Getting a handle on my student loans, including consolidating some of them (so that I can pay well above the minimum payment, but do not have to if a tough month or two comes up);

2. Resuming a committed effort to tracking my expenses.

My intention is to blog a few times this week about what I've learned that I think might be of use to others. Other than that, I'm also almost halfway through my month-long commitment to participate in The Compact and buy nothing new. It's been easier than I expected. I even returned a few unwanted items today and EARNED myself $33. Whoo, hoo! And I didn't even have the urge to walk around the clothing store... in, to the counter, nice exchange with a nice salesperson, and out. It was that easy.

Update: I'm still doing well at my first personal challenge, which is to donate/get rid of ten items a week. The second challenge, 10+ minutes of yoga/meditation a day has been harder for me to stick with, but I am recommitting myself this week. I'll let you know how it goes.

One Simple Way to Change the World

Since I've become a vegan, I've tried to be careful about not talking about it too much, not pushing my ideas on others, not coming across as all-knowing or off-putting. And then I watched this video. And I remembered that it is important to not only live your values, but to talk about them once in a while. Please watch it here. It will take eleven minutes of your life, but it might just show you or remind you about one simple way that you can change the world.

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