Paying off student loans can be a great use for any remaining balance.
The best way to get your money out of student loan debt is by refinancing, yes that’s right, making the decision to refinance student loans is probably one of the best decisions according to professional like the ones at SoFi. Here are some of the options.
Get a higher-earning spouse to work.
The more you make, the more your spouse will help you pay off student loan debt.
As The Washington Post’s Jenna Johnson reported in May, student debt is a major factor in making it harder for low- and middle-income workers to pay their bills:
“The biggest driver is what happens when low-income workers make too much money, said Dan Witters, a senior fellow at the Urban Institute’s Federal Budget and Policy Center. When the pay of the median worker in this group rises as has happened to a number of working-class families over the past several decades that income doesn’t trickle down to help lower-income families, Witters said.”
That’s why, in addition to paying off your student loans, it’s important to see whether you can boost your retirement savings. The Department of Education recently released the results of a study that found that the average 401(k) account is better off when you contribute to an IRA rather than a traditional pension. Another study by the Employee Benefit Research Institute found that people who contribute to a traditional pension or IRA are better off than people who do not. And if you do not have a retirement account or 401.
