Wednesday, Aug 15 2018 | Updated at 09:18 AM EDT

Stay Connected With Us F T R

Feb 10, 2017 09:47 AM EST

The burden of college loans is one of the factors that stop millennials from starting with their investments.Dealing with student loans is really tough and burdensome. These loans weigh down fresh graduates and prevent them from being able to seize financial opportunities until such time that they are able to clear their debt.

Americans now owe an amount of roughly $1.3 million and still growing, according to The Simple Dollar. But if you want to get out from under that debt quickly, learn from Jessica Elberfeld who was able to pay a total of $113,000 in seven years.

According to Business Insider, Elberfeld originally borrowed $68,000 for two years at Belmont University after studying at a community college for two years for free. The interest rates which were as high as 10.75% and was the reason why the amount she owed soared to six figures. But as to how she managed to pay them in less than 10 years, here are her 3 helpful tips.

Watch video

Do not be discouraged

Elberfeld said that even if something takes too long to be accomplished, it is not a reason for you be discouraged. If you only look at the amount, it feels too overwhelming but it is more overwhelming if you pay them in longer terms rather than free yourself of debt sooner.

Be mindful of your interest rates

She advices borrowers to take a close look at their interest rates and said that if the interest rates are not reasonable, you should find a way to refinance.

Free up some cash

She said it is better if you find a way to earn more income and take note of your monthly expenses. You should also take one loan at a time. By the time you finish paying for one loan, take a look at the next, or they will really overwhelm you.

See Now: Facebook will use AI to detect users with suicidal thoughts and prevent suicide

Follows debt repayment, Advice, college loans, paid off
© 2017 University Herald, All rights reserved. Do not reproduce without permission.

Must Read

Controlling Robots With Brainwaves And Hand Gestures

Jun 23, 2018 AM EDTWhat if you can control robots with a simple flick of a finger? A team of experts is trying to make that a reality through this latest experiment.

Flavored Electronic Cigarettes Linked To Possible Cardiovascular Disease

Jun 16, 2018 AM EDTScientists from the Boston University School of Medicine looked into the effects of flavored e-cigarettes to the lining of blood vessels. Here are ...

LendingTree Study: Which Places Have the Most Student Debt?

May 31, 2018 AM EDTLendingTree outs its study that identifies places in the United States with the most student debt. Here's the complete list.

Best College Reviews Names 10 Best Master's in Biomedical Engineering Programs Online

May 31, 2018 AM EDTPlanning to pursue a master's degree in Biomedical Engineering? Here are some of the best online programs you need to consider.