Words of Encouragement for those with Student Loans

 
As much as we value education in the United States, it doesn’t change one fact that casts a dark cloud over higher education: student loans can feel like an impossible, insurmountable challenge.

Even if you land a job out of college that pays decently, those monthly student loan payments can still be painful. They can also hold you back from things like buying a house or even moving out of your parent’s place.

I get it.

My wife and I had a lot of undergrad student loans, plus my wife had to go to grad school in order to continue her career path of becoming a therapist. If you are feeling the pain of student loans, I can relate.

This is a big reason why I took the past year to research and write my second book, Student Loan Solution. This book is focused on giving student loan borrowers practical, actionable advice on how to take control of their student loans. I go further, though and talk about how to improve your greater financial life as well.

 
When I wrote the book I interviewed a number of personal finance and career experts. There was one question that I asked each of them: what is a word of encouragement you would like to share with student loan borrowers?

This post is made up of all their responses. I hope they give you some encouragement on your path to repaying your student loans. And please share with others!

Paulette Perhach

Author of Welcome to the Writer’s Life

 
Hang in there. Your financial situation today is not the financial situation you will always be in. There are a lot of people struggling alongside you. Find people who have similar financial situations and goals, and work together.

Shannon McLay

Founder and CEO of The Financial Gym

 
Student loans should not define you and your life journey. We have clients paying off student loans while also traveling the world, buying homes and having children. Anything is possible when you put your mind to it.

Erin Lowry

Author of Broke Millennial Takes On Investing: A Beginner’s Guide to Leveling-Up Your Money

 
You’re not alone. Student loan debt is an incredibly common struggle and you should reach out for emotional support. That could mean speaking openly to your friends and using your immediate network as accountability buddies or it might mean consuming content like blogs or podcasts where other people are talking about similar struggles.

You also have to face your numbers. You cannot create an effective attack plan for dealing with your debt without knowing all the nitty gritty of who owns your loans, your principal balance, the monthly due, the interest rate and your repayment plan options.

Chonce Maddox

Founder of My Debt Epiphany

 
I’d say awareness is key when paying off any debt for that matter. There was this unwritten rule to avoid talking about student loan debt when I was in college. Everyone I knew just avoided it and by the time I graduated, I didn’t know how much I had, what my interest rate was, or what my monthly payment would like like.

Once I found out my loans were accruing interest during my grace period, I tried to throw anything extra to the balance and that’s how it starts. I’d recommend that someone make sure they budget for their minimum payment (this may involve doing things like continuing to live like a college student, getting a roommate, driving an older car) but don’t feel as if they have to stop there. If you can throw an extra $20 or $50 on your loans, it will help. Plus, putting extra on your loans can help you get ahead on payments in case you endure a financial hardship.

Leanna Haakons

Founder of financial marketing firm, Black Hawk Financial and author of Young, Fun & Financially Free

 
One of my favorite quotes is “the struggle you’re in today is developing the strength you’ll need for tomorrow.” This is applicable to so many different areas of your life, including keeping a strong mindset when it comes to financial situations. Make no mistake, time is your most valuable commodity in life, not money. Though I hope you won’t, you will likely experience much greater stress throughout your life, as I have, than money stress. Such as the loss of loved ones, relationships failing, sick children, war, etc. Perspective can be a wonderful thing when it comes to financial situations because it allows us to de-emotionalize the situation to create a plan of action. Know that although this is your current struggle now, you can create a sound plan to manage your payments and still live a fulfilling, abundant and happy life. Try to keep it in perspective.

Kevin Ha

Founder of The Financial Panther personal finance blog

 
Don’t give up and keep pushing on! It’s not fun to have student loan debt and while things will seem slow at the beginning, you’ll find that it quickly speeds up towards the end as you get more and more motivated.

Alissa Carpenter

Millennial workforce expert and leadership trainer

 
I promise, there is a light at the end of the tunnel! You might not see it now, but it’s there. To help keep me motivated, I marked dates on my calendar for when I would reach certain dollar or percentage milestones. It helped me to not only see how far I’ve come but to stay focused until the end. When you get that email from your loan provider saying you paid off your loans, it’s the best feeling to know how hard you’ve worked to get there!

Jason Butler

Founder of My Money Chronicles

 
Don’t give up. I’m still paying on my student loans. I procrastinated for years but I’m making payments and I’m seeing the balances get lower. Keep going.

Leslie Tayne

Author, Life & Debt, and Founder Tayne Law Group, P.C.

 
You’re not alone! It takes time to get out of debt. Patience!

Melanie Lockert

Author of Dear Debt: A Story About Breaking Up With Debt

 
Your student loan debt does not have to define your self-worth. It doesn’t have to be ‘forever’. Student loans are no fun and they’re tough to pay back but it’s worth doing so.

Just remember you are never alone. With 44 million borrowers, you’re far from alone. Be responsible with paying back your student loans but don’t let them ruin your life.

Peter Anderson

Founder of Bible Money Matters

 
If you’re struggling with student loan debt, remember that while the balance may seem insurmountable at times, as long as you create a plan for removing that debt, and put that plan in action, there is always light at the end of the tunnel. Apply yourself to pay it off as quickly as you can, and in no time you’ll be stashing cash away for the future!

 
 
I hope you found these words encouraging. The best thing you can do about your student loans – and your greater finances – is take control of them! Check out Student Loan Solution, which has insights and advice from all these experts.