Student loan debt is impacting millions of borrowers across the world.  Borrowers throughout the United States currently owe $1.7 Trillion dollars in outstanding debt.  Federally backed loans will become due again in 2021, regardless of the promises made by politicians about eliminating $50,000 of debt from each borrower.  I know many people that owe much more than $50,000 in student loan debt.  I myself have borrowed and repaid over $200,000 of student loans throughout my academic career and will owe close to $20,000 in 2021.  Below are a few thoughts I have on repaying student loan debt quick.

My Thoughts on Destroying Student Loan Debt:

  1. Do not ignore the debt.  Anyone who has borrowed money for student loans should have a general understanding of how much is owed and to which lending houses.  Review all loans and prioritize the loans with the highest levels of interest.
  2. Be prepared to make sacrifices.  Yes, that means not buying $6.00 cups of coffee every morning, going out to eat 4-days per week, taking unnecessary luxury vacations and leasing brand new vehicles.  Sacrifice now for freedom later in life.  Debt freedom is something that profoundly changes your life.
  3. Start payments immediately.  We all have six months to start making payments on student loans after completion of the program.  However, if you receive money for graduation or have money in savings, I highly encourage you to make payments regardless of the amount or how often.  I never wait the six months to start making payments.  It will keep interest accrual at zero, which is the goal for any debt repayment.
  4. Make more than the minimum payment.  Following the advice above, making more than the minimum payment will help knock down the interest accrual, to ensure we are attacking the principal amount of the loan.  Even if the overpayment is $10 or $20 its better than the minimum payment.
  5. Pay more than once per month.  This follows the advice in #3 and #4.  Make additional payments throughout the month if you can.  Continue knocking down the interest and principal.  This is called the snowflake method of repayment.  I keep the interest on my loans a $0, to ensure my payments knock down the principal.  This requires you to review your accounts often as well, which will make the debt a priority.
  6. Reward yourself for successes.  If you are successful at eliminating debt, take time to reward yourself with a nice meal, a short vacation, etc.  I am not encouraging a luxury cruise or vacation to Europe.  Think need vs. want.  Do you really need it, or do you want it?

These are just a few thoughts on destroying student loan debt.  My upcoming book “Slay the Student Loan Dragon Tips and Tricks on How to Conquer the Student Loan Game” will have many more suggestions and tips on knocking out any level of debt.  The release date is scheduled for January 19, 2021.  At the end of the day, it is a simple, we can sit around and complain about the rules and how unfair it is to have student loan debt, or you can beat the game.  Student loan debt is not easy to discharge in bankruptcy courts and the government will garnish everything, including social security.  The financial sacrifices today will set you up for long term financial successes throughout your entire life.

Release date: January 19, 2021. Available for purchase on Amazon in paperback and Kindle versions.
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Published by Mathew W. Burr, MJ-LEL, MBA, MHRIR, GPHR, SHRM-SCP, SPHR, CPHR-INT, Chartered CIPD

Mathew W. Burr, MJ-LEL, MBA, MHRIR, GPHR, SHRM-SCP, SPHR, CPHR-INT, Chartered MCIPD Lean Six Sigma Black Belt ABOUT: Matthew Burr has over 18-years of experience working in the human resources field, starting his career as an Industrial Relations Intern at Kennedy Valve Manufacturing to most recently founding and managing a human resource consulting company; Burr Consulting, LLC, Talentscape, LLC and Co-Owner of Labor Love, a Labor, and Employment Law poster printing company. Prior to founding the consulting firm, the majority of his career was heavy industry manufacturing and healthcare. He specializes in compliance auditing, training labor and employment law, conflict resolution, performance management, labor, and employment relations. Matthew has a generalist background in HR and operations, while providing strategic HR and operational solutions to his clients, focusing on small and medium sized organizations. He works as an Adjunct at Alfred State University, Tompkins Cortland Community College, and Montgomery Community College. He successfully designed an HR Concentration in the business management major that aligned with both SHRM and HRCI certifications, providing opportunities for students to sit for both the SHRM-CP and aPHR certifications upon completion of the degree, concentration, and internship hours as an Assistant Professor of Management at Elmira College (Retired January 2022). Matthew is also the SHRM Certification Exam Instructor, with a current pass rate of 92% on the SHRM-SCP and 83% pass rate on the SHRM-CP and a combined 88% on both exams over a 7-year period of instructing the course (Elmira College, Collin College & The College of St. Rose). Matthew works as a trainer at Tompkins Cortland Community College, Corning Community College, Broome Community College, and HR Instructor for Certification Preparation for the Human Resource Certification Institute (HRCI). He also acts as an On-Call Mediator and Factfinder through the Public Employment Relations Board in New York State, working with public sector employers and labor unions. PUBLICATIONS: Matthew has over 70+ publications including, American Bar Association (ABA) Experience Magazine, Cornell HR Review, Business Insider, New York State Bar Association (NYSBA), PayScale, Society of Human Resource Management (SHRM), and Expert 360 (in Australia). In early 2017, he published his first book, “$74,000 in 24 Months: How I killed my student loans (and you can too!),” proceeded by his second book, which was published in January 2021, “Slay the Student Loan Dragon: Tips and Tricks on How to Conquer the Student Loan Game” and his most recent book, “Unbox Your HR Career” in July 2023. VOLUNTEER WORK: Matthew is currently the New York State Society of Human Resource Management (NYSSHRM) District-Director. EDUCATION & TRAINING: Additional Training & Development:  SHRM Workplace Coaching and Mentoring Recertification Program, 2020  SHRM Foundation Employing Abilities @Work Certificate, 2020  SHRM Foundation Veterans at Work Certificate Program, 2018  Delta County Chamber of Commerce: Delta Force Leadership Program, 2013 FEATURED IN & ON: Matthew was featured on CNN Money, Fast Company, Fits Small Business, Fox News, Magnify Money, Monster.com, My Twin Tiers, Namely, Student Loan Hero, Smart Sheet and CEO Blog Nation, Human Resource Certification Institute (HRCI), Society of Human Resource Management (SHRM). Burr Consulting, LLC Capabilities Statement General Information: Burr Consulting, LLC Owner: Matthew W. Burr Mission Statement: “Strategically Aligning HR as a Partner for the Success of Your Business” Contact Information: Burr Consulting, LLC What's New in HR Blog Talentscape, LLC Labor Love, LLC (Labor Posters) The HR Support Center The Upstate HR Podcast (607)227-4386 Matthew@Burrconsultingllc.com Facebook: Burr Consulting, LLC LinkedIn: Burr Consulting, LLC Twitter: @Burrconsulting Online Certification Verification: Credibly Dun & Bradstreet (D&B) Number: 080776443 NAICS Codes: 541612, 923130, 54161, 541611, 541613, 611430, 541618, 561312, 561311 SIC: 8742, 8748, 9441, 8748001, 8748026 Our Services HR MANAGEMENT New Hire Orientation; Temporary HR Support; Recruiting and Application Tracking; HR Compliance (ADA, FMLA); Employee Handbook; Policy and Procedure; HRIS; HR Audits; Job Profile Design and Revision; HR Key Performance Indicators; EEO Reporting and Classification; State Unemployment Insurance Services TRAINING & TRAINING DEVELOPMENT Organizational Development; Employee Relations; Workplace Violence; Harassment & Sexual Harassment; Union Awareness; Managerial EMPLOYEE & LABOR RELATIONS Employee Relations Training; Conflict Resolution; Mentoring; Workplace Investigations; Labor Contract Costing; Mediation & Arbitration Prep; Fact-Finding; Workplace Investigations; Coaching & Counseling; Performance Reviews; Contingency Plan Development; Contingency Plan Training; State of New York Public Employment Relations Board (PERB)PERB Mediation and Fact-Finding Panels (Albany, NY covering the Elmira, NY Area) HIRING & RECRUITMENT Applicant Tracking Systems; Metric Development; Interview Training; Workforce Planning; Recruitment; Interviews; Job Offers; New Hire Process POLICY & COMPENSATION Group Plans – Healthcare, Dental, Vision, Group Life, Short- and Long-Term Disability; Retirement – 401(k), Profit Sharing, Roth; Workers Compensation; Total Compensation Design and Strategy; Deferred Compensation Plans; Salary Surveys; Reward Systems; Online Payroll; Customized Payroll Processing; Employee Self Service; Customized Reporting HR COMPLIANCE MATERIALS Burr Consulting, LLC is excited to announce a new partnership with Labor Love LLC, expanding our services to include HR printed materials compliant with industry standards.

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