Insider Secrets on Dealing With Student Loan Debt from Our 5 Top Personal Finance Blogs
If you've got or are working on a college education, you have likely done your homework on the pros and cons of higher education.
On the one hand, you have a much better shot at getting a job as compared to those only have a high school degree. In fact, according to the National Center for Education Statistics, the employment rate is highest for young adults with a bachelor's or higher degree — a whopping 88%.
On the other hand, there's a good chance you had to take out a student loan to pay, at least in part, for your ambition. If so, you're not alone: approximately 42% of people who've gone to college have taken on debt to do so - most in the form of student loans - and as of Q1 2018, according to the Federal Reserve, Americans owe a history-making $1.5 trillion in student loans.
Recently we did a roundup of our favorite personal finance blogs for 20-somethings. Considering that about 65% of the student loan debt is held by Millennial borrowers, those blogs are a great place to start when strategizing how to handle - well, get rid of - that debt.
Now, we're taking a deeper dive and sharing five blogs that share kick a$$, little-known tactics, and insider secrets for dealing with student loan debt.
The Penny Hoarder
The Penny Hoarder is one of the largest personal finance websites on the interwebs, and like their name, they make a lot of sense (cents?) when it comes to demystifying complex personal finance issues…. including dealing with student loan debt. It's easy to go down a rabbit hole on the Penny Hoarder reading about how to protect yourself against student loan scams, and odd but intriguing ways some people have quickly paid down their student loan debt. (Who knew long-haul trucking was so lucrative?)
One of the best ways to figure out if a blogger is writing from experience vs. just his or her wallet for the affiliate earnings, is to read the "ABOUT" page. We appreciate how transparent "Frugal Rules" blogger, John Schmoll is: "I haven't always made wise financial decisions; I graduated college with nearly $25,000 in credit card debt because I didn't understand the importance of living within my means. It's been a long and winding road but today I'm an ex-stockbroker living debt-free with a passion for helping people take control of their financial futures."
John says he's committed to teaching the next generation how to manage money wisely, and he's got nearly 200 dedicated posts on paying down student loan debt to prove it. That's pretty money if you ask us.
Recommended read: Pay Off Student Loans Faster With These 5 Strategic Options
While we can appreciate all the information personal finance bloggers supply about paying off student loans after you've already taken them, we wanted to be sure to include at least one resource that has some good advice before and during the student loan process as well. Hank Coleman of Money Q&A not only talks about all aspects of the paying for college and grad school, but he also answers questions (yup, there really is a "Q&A" part of Money Q&A), so if you have any burning concerns about student loans, you can ask him about it — and while he might not publish your question, he promises to email you back a response to try to answer it.
Recommended read: Top 4 Critical FAFSA Mistakes College Students Make Every Year
The College Investor
Full disclosure: We already introduced you to Robert Farrington and his blog, The College Investor, in our personal finance blogger round-up, but he's a pretty essential resource for all things student loan-related. After all, he is the self-proclaimed "America's Student Loan Debt Expert™," and his blog is devoted to "helping Millennials get out of student loan debt and start building real wealth for their future." We are especially thankful for the wealth of information Robert shares on the topic of student loan forgiveness. He also has a treasure trove of free resources including blog posts, eBooks and online courses to help you deal with student loan debt.
Recommended read: Secret Ways To Get Student Loan Forgiveness
Alyssa Fischer is a down-to-earth, baptism-by-fire blogger, and she's dedicated to keeping posts "relatable, sassy, and fun." While student loan debt isn't so amusing, Alyssa does help by making her advice easy to follow and entertaining to read. Plus she personally paid down over $10,000 in consumer debt and student loans that she accumulated over five years in just a year, so she has that firsthand knowledge that can help you do the same… and maybe even more.
Recommended read: I Paid Off $40,000 Of Student Loans By Organizing My Finances Like This
Student loans can feel like an overwhelming burden, but once you realize you're not alone in dealing with them AND check out some proven strategies and insider tips, you can lay down your fears and begin moving forward to a brighter financial future.
Thanks for reading, and we hope you enjoy the student loan tips, resources, and tools you'll find on these personal finance blogs. Did we miss a blog that belongs on this list? Email us at email@example.com and we'll check it out.