1. Loan Forgiveness - The United States Government may forgive some or all of your federal student loans in return for a service commitment in certain fields where they need workers the most. If you are a doctor or teacher and agree to work in a disadvantaged part of the community, you may be eligible for loan forgiveness. The requirements for these limited federal programs are strict and only a small portion of the applicants will qualify.
2. Grants - There are both government and private grants that are available to help defray the high cost of college tuition and other expenses. Grants are cash awards that do not need to be repaid. You must meet the prerequisite requirements of each individual grant which might include, among other things, financial need, excellent grades and specific career paths.
3. Bail Out - While the government spent billions to bail out the automobile companies and some of our largest banks, do not count on help from Uncle Sam with free money or low interest consolidation loans to bail you out of a large amount of student loan debt.
4. Part Time Job - Deliver pizza, work the night shift or get a part time job that can bring in some extra income. It may be hard to do, but if you are young, you probably have the energy to handle a second job.
5. Freelancing - With the advent of the internet, making some extra money right from the comfort of your own home is easy. There are readily available writing jobs as well as other work where you can earn several hundred dollars per week that could help reduce your student loan debt.
6. Get Rid of Your Junk - Just about everyone has some things they could sell on Ebay, Amazon or Craigslist. Go through your house and pick out things you could live without and turn that "stuff" into cash.
7. Home Business - Start a home business. Perhaps you could cut lawns, plow snow or clean garages. If you are not into manual labor, there are opportunities to start an online business that require little or no investment.
8. Saving - Every dollar you do not spend means another dollar that can go toward reducing your debt. It may be tough to give up dining out 3 times a week, but if you can settle for McDonald's instead of the steakhouse, you will save a lot of money.
9. Ask for a Loan - While not the best option, you can always try to hit up your family or friend for a loan. Make sure you pay it back or you will surely lose a friend and your family will not be too happy with you either.
10. Take a Gamble - Buy a lottery ticket, put your money on a roulette wheel or play the trifecta at the horse track. This is not a recommended strategy, but, occasionally, you can get lucky.
About the author:- Written by James Firespin a debt and secured loans specialist come join the conversation @LoanRater and hope all is well.
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