Numerous student borrowers have asked us how to afford vacation while still repaying on student loans…… So here are some ideas:
Student loans are taking up a larger share of working people’s incomes than ever before. Education is obviously important since it goes hand in hand with success in today’s culture and economy. Meaning, without a degree, the work opportunities are often short-term, require few skills, and pay too little to afford to live in many urban areas. To get the education they need to succeed, many people need to take out overwhelming amounts of student loans. Once they are in the workforce and its time to start paying them back, they find it difficult to afford normal living expenses on top of their loan payments.
With all the hard work that goes into earning a degree and then working at a challenging job, vacations are a necessity. No one can work all year round and avoid burnout.
Consolidate Your Loans
Loan consolidation allows borrowers to pay off all their previous loans and condense them into just 1 new loan/1 loan payment! With the option of extending the overall loan terms, which reduces payments as well. Consider extending your loans to a 20-year repayment plan to get the lowest payment (You can always pay extra to shorten the term if need be). Just by going through a consolidation, it leaves a significant amount of money in your budget for you to afford vacation.
Can’t afford your monthly student loan payment? You may qualify for a $0.00 dollar payment! Just Click Here To Speak With A Loan Expert Today!
Apply For Income-based Repayment Plans
What if your income hasn’t reached the level you were expecting? Don’t feel alone! The same situation confronts millions of other Americans and for that reason, the government provides whats widely referred to as The “Obama Student Loan Forgiveness” Program or the “income based repayment (IBR) plan.” This plan can be extremely beneficial for those who qualify. The way it works is you are given a brand new monthly payment, based strictly on your income, rather than your interest rate and the amount owed. Giving you a lower more affordable monthly payment.
Once on the IBR plan, its time to start planning, Since you can now afford vacation. No better time than now since your budget is no longer distorted by that huge student loan payment, Right?
Cutting Down on Lodging
If you stay with friends and family, a vacation can become very affordable, very quickly since everything is a shared expense. It also might be a little more fun to have some friends join you on your vacation. the more the merrier. Airbnb can help you find accommodations much cheaper than booking directly through a hotel. Many travelers also benefit from discounts, rewards and different cash back credit cards that can even add up to a free hotel night.
Get Out And Camp
If you love the outdoors and the weather cooperates, you can vacation for very little money out of pocket. True, you need some gear, but if you shop smart, you can pick up a full camping and backpacking complement for just a couple hundred dollars. Even better, you’ll leave behind urban pressures and see America’s natural splendor.
Off-Roading – RVing –
Recreational vehicles provide comfort while communing with the outdoors. RV campgrounds are very inexpensive. It’s also easier to enjoy an extended stay in a comfortable RV than with primitive camping ad mentioned above. If you have a family, RVs are a vacation godsend. They can easily fit the whole family and allow weeks of non-stop vacation without the need for hotels. Even better, it’s easy to make economical meals for the whole family while camping. If you are concerned about student loan payments, an RV provides the ideal way to afford a family vacation that is truly special. RVs are more affordable than most people think, With an estimate of your future monthly payments for an RV you could start figuring out a budget right now….
Don’t let the summer pass you by, We know student loan debt can start to make it feel like the walls are closing in on you. To combat that just make it a point to try each one of the listed idea’s above and let us know how much you were able to save. Now get out and enjoy a vacation, you deserve it!
Questions? Want To Speak To A Loan Expert? Ready To Determine Your Eligibility, 100% Risk-Free Process? Looking To Afford Vacation?