Student Debt is a massive issue for so many people. It’s not just Millennials who are affected; the newest generation entering the workforce may also experience crippling student debt. So, what can millennials and Generation Z professionals do to move their careers forward and student debt back? Here are some ideas that can get you on the right track.

Leverage Raises for Debt

Have you figured out your budget based on your current salary? If you can live comfortably, pay your rent, buy meals, and enjoy a few nights out, then don’t just increase your cost of living when you get a raise. Instead, allocate that money directly to your student debt.

Use Bonus Money

Most people get excited when they get a tax refund or a holiday bonus. And it’s natural to want to spend that money on yourself doing something fun. But there will be plenty of time for that. Today, use that money toward your student debt. The more payments you make, the faster you’ll pay it down.

Set Aside a Little Money for an Extra Payment

What if you made just one extra payment this year? It may not sound like something you can do, but if you start early in the year saving a little money out of each paycheck in a savings account or even a jar, you will have enough to boost your payments by one. That can save you money long term.

Check for Discounted Autopay Rates

Take a look at your specific loan to see if there are any deals for setting up auto-pay or even just paying on time. Sometimes these loan companies will offer discounts for recurring payments each month that will help you with a lower interest rate and pay more directly to the principal.


If you have the option, consider refinancing your loan to get better terms or interest rates. Keep in mind that this is only possible with a private loan; government loans will have different rules. But look at your options and decide what will be best for your budget.

Ask for Help

You may not think about it, but you may be able to ask for help from your employer. This is a great way to leverage your career if you love your company and plan to stay there for a while. It’s not that widespread, but some employers have student loan repayment assistance programs.

Can a new job help you with your goal of paying off your student debt faster? Contact Harvard Resource Solutions in Southeast Michigan to learn more today.