Student Loan Debt Is Bondage  – Here’s 7 Ways To Set Yourself Free
Get out of student loan debt

Student Loan Debt Is Bondage – Here’s 7 Ways To Set Yourself Free


People tend to argue that the price of a good education cannot be compromised while some millennial aren’t feeling the same. As a matter of fact, many graduates are always left to face the grueling task of paying off student loans within a time frame. I know, because I have been there. With medical school, only the lucky few were able to escape the claw of the student loan. With over 200,000 dollars in loans from medical school, tack on some undergraduate loans too, one must find a way to get out of that debt dungeon.

This is why when people asked me what was my motivation, for always trying to do well in school. My reply?  Student loans!! Cosigned by family member. If I fail, then I might as well not return home.

If you fall under the category of students that want to pay off student loans, there is no need to worry anymore. This article will explain how to pay off your student loan quickly. If not quickly, at least faster than you think.

These strategies are mix bag of methods for different stages of life. Many of these strategies has helped us flip topside wealth wise. Continue reading.  (Check out our disclaimer about affiliate marketing and sponsors before proceeding). 


7 smart tips to get out of student loan debt fast
Get out of student loan debt now


1. Negotiate student loan payment into your contract

My job ended up paying a part of my student loan. There were other benefits that I enjoyed too that made it worth the trade off. However, as a doctor, student loan repayment is a common part of negotiation. Especially, if you are working in a rural area, you have more room to negotiate.  I have heard of instances in which student loans are paid off in totality. Just beware though; this kind of deal comes with a restriction. There is usually a stipulation that, if you leave the job before 3 years, you would have to pay back all or portions of money the company gave you. This is not limited to doctors only, I have seen nursing job that offered to pay $25,000 dollars on loan repayment.



2. Leverage your sign on bonus

The medical profession may be flawed in terms of compensation and how long it took to make decent money, however, the ability to have job security and be able to walk away during negotiation if the terms do not suit you is an awesome perk. I once saw a job posting in rural California that offered $250,000 sign on bonus. Of course, the job was swept off before I could get my act together. You would have to work in some shady condition for them to offer such an exorbitant amount, however, if that is what it takes to pay off your loans, well, one must do what needs to be done. Don’t believe me, here are some job postings with sign on bonus, including hair stylist and technicians. 


I used contract diagnostics to negotiate both student loan repayment, sign on bonus and stipend. They review physician contract. They also got me a favorable severance cause. In case the job does’t work out. 


3. Think of student loan like a mortgage  

This is for everyone that can afford it. If you can, treat the loan like a mortgage and try to pay the larger part to cut down the principal more quickly. This is one of the best pieces of advice when planning to pay off student loans. Paying off a significant amount of the principal amount minimizes the duration of the student loan period and the interest that will be accumulated over time.

Another unique strategy that can help pay off student loans is adding payments and sending in checks every 2 weeks, instead of sending in checks monthly. Immediately the college loan is repaid, the benefits grow rapidly and you are one debt safe. Once you finish paying your student loan, any money you make can now be invested and used towards wealth building.

In fellowship, I did some extra coverage resident shifts and we paid off all of Mrs Breathe Easy’s student loans. I also paid a significant portion of my loans.

While I was doing this, many people tried to tell me that I would soon become an attending and why was I hustling so much? I know my plans and wanted to have positive net worth as soon as possible. Now as I write, we have crossed zero networth. Although we still have some low student loan at 4%, our investments have overtaken the loan. At this time, it gives me joy that we can pay off the remaining loan if we want to. My job is actually paying a portion of that loan too. That helps.

These other student loan payment tips works even if you are not a high income earner and you are serious about becoming debt free. It is better to start from college with the attitude that paying off that debt is your top priority. 



4. Create a payment plan

A three to five years plan will be perfect to give you scope of when you should pay off your student loans. Having an end date gives you an insight into what you will be paying and how to make it happen. The pressure is on.

Establishing an annual budget with a time-bound goal will make you adjust your everyday life towards accomplishing the goal. Having a payment plan or budget will also make you aware that you can put more money towards diminishing the principal balance.

At the end of the timeframe set for paying off the student loan, you would have paid off the debt or you will be left with the insignificant amount to pay.

Live like a resident!! This is by far the best Mantra I picked up from white coat investor. Living like a resident has helped us pay our debt faster.


7 smart tips to get out of student loan debt fast
7 ways to get out of student loan debt


5. Create a college repayment fund

This is another tip to pay off student loan quickly. Place the money assigned for paying off the student loan into an account that you can’t withdraw from easily (e.g. saving in an account that you can’t easily withdraw with a card).

This type of accounts allows you to save money for the sole purpose of paying debts. It also allows you to set aside money to grow and accumulate wealth instead of spending them on a shopping spree, expensive dinners, hangouts, and designer clothes.



6. Get a side hustle

Start paying off the debt early by taking up a part-time job while in college. One of the ways to generate money to pay for college debt is to get a part-time job while attending college itself. The part-time job allows you to offset the loan more quickly.

If you take a part-time job while in school and you are able to pay close to $500 monthly, in a year, you will be able to pay off $6000 which will move you closer to financial freedom.

For many of us, we already passed the college stage. The same principle applies. Find a side hustle and use the money to pay off your debt faster. Like I said above, I was able to pick up some shifts during fellowship as extra coverage resident.  That allowed us to pay significant portion of our debts.

Also, it is difficult to get part time job in medical school, so if you can’t do it, consider other options. 



7. Don’t be a victim of the usual trap

Ironically, the desire and need for instant gratification are what holds back a student from paying off the student loan quickly. Delay in the payment of student loans results in a delay in fulfilling your dreams anyways. So why not pay off that loan?

Having a better plan ahead and understanding how the mind works allow you to make sacrifices in your budget to pay off the debt.

Don’t behave like everyone around you. Ensure you maintain a financial discipline which is always a difficult hurdle for many people. Have the discipline to save and you are a step closer to paying off your student loan. Live below your means.

The people who succeed at paying off student loans are those that save and live modest lives.

In conclusion, the best way to pay off student loan quickly is to negotiate better, do more than expected; pay more than the monthly minimum. The more you pay, the less you will owe, the less the interest and the quicker you pay off your debt.


Of course, there are many more ways to pay off your student loans. There are just 6 of them. Comment on more ways in the comment section to help others

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This Post Has 18 Comments

  1. Great tips. I wish I had fell trap to the lifestyle inflation I ended up doing but it is hard to not go wild after years of delayed gratification.

    Seeing my colleagues in other professions already having homes cars and families and taking trips while I had got years been living in a studio apt makes for a recipe for disaster as you feel like you have missed out on so much and need to catch up on it immediately

    1. I can only wonder how high you would be right now if you did not fall into the lifestyle inflation. 1 billion? It is all learning experience, at the end, as long as you correct the course early enough, things always work out well. Thanks for stopping by as usual.

  2. Ah, I wish I had thought about this stuff two decades ago when we were young, newly married with no kids, and didn’t have so many necessities in the budget. Instead, we made the mistakes of deferring loans, followed by having to rely on forbearance during a hardship period. I so wish I could talk some sense into my younger self, so that I wouldn’t still be paying loans off today.

    On the upside (gotta look for some sort of silver lining here), those loans will be paid off within 18 months even if we don’t pay one cent above the minimum…though, obviously, if we can pay more than that, we will.

    1. Exact reason why I started this blog. To basically travel back in time as early as 14 years old and absorb all these tips. I am sure you are doing awesome. 18 months is not a lot of time. Pay every 2 weeks to finish it off quicker. Of course my only caveat is if the loan has low interest rate, you can invest instead. All depends if you are in Dave Ramsey court or Kiyosaki. Thanks for stopping by.

  3. Really like the ‘negotiate a sign on bonus’ tip. Never would have occurred to me.

    1. You would be surprised at the huge sign on bonus out there. Especially, if you are willing to move to the middle of nowhere. That’s how I found myself in Arkansas. Loving it though. Thanks for stopping by.

  4. Yes, I agree. Inspiring post. Kick debt in the teeth. It doesn’t belong in your house. I felt like Sallie Mae was my mistress and I was so glad to get rid of her once and for all. Boost income. Cut expenses. Focus on it like a laser. You will be so glad.

    1. Hahaha. Sallie Mae is definitely a mistress. So much time is spent thinking about it and strategizing how to get out of it, so you can focus on your real wife – which is investing. Why do I feel like your comment was so short, yet it says a lot of things? Thanks for stopping by, well appreciated.

  5. Thanks for the tips. It took me awhile to pay off mine and I definitely had to follow a plan. My daughter actually started to pay just a small amount – $50 a month – while in college and even that made a huge difference

    1. Any little bit makes a big difference. Its all about compound interest, and not letting it happen against you. Sometimes student loans are unavoidable, but how we chose to take it. By thinking of it as bondage, it modified my mind to get out of it as soon as possible. your daughter is smart. Thanks for stopping by.

  6. These are great tips. I just graduated college a few months ago and I was thinking about the best way to pay off my student loans. I paid off my interest when so now I’m just paying what I owe. I’m glad I’m on the right track. The other tips you provided will help me build my credit. Thank you for sharing.

    1. Thanks for stopping by and taking the time to comment. Paying off the interest is commendable too , still better than just letting it compound against you. Come up with a plan and stick to it in order to pay it off quickly. Ignore the flashy people around you and focus on your goal. There would be some of your colleagues that would start living “the life” . Don’t fall into the trap

  7. Oh these are great tips! It really takes a plan to get yourself out of the student debt burden! I wish I had just taken longer to get my degree than taken out loans.

    1. Getting loan can be a leverage you use to get to your destination faster. For example, there is no way to save 200K for medical school straight from college. I know I said it is bondage, which is true, but don’t think of loan as a 100% negative thing necessarily as long as you have plan to pay it off ASAP. Plan to attack it with precision . It also helps to go for schooling in professions that have job security and high pay.

  8. Thanks for the such a impressive post Keep i up more sharing
    I m glad to visit again

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