Congratulations, you’ve earned your CPA designation! This designation will open up a whole new set of career opportunities for you. Unfortunately the undergraduate or graduate education you received prior to getting your CPA may have come at a hefty price — a ton of student debt.
Here is some advice, life hacks and tips for paying back your student loans.
- Consider working for an employer that will match your student loan payments. PwC is the only Big 4 accounting firm that offers a $100 monthly contribution to your student loans. A $100 monthly contribution can reduce the payback period for the average student loan by two to three years!
- Consider working for a nonprofit or public service profession. Employees who work for a 501(c)(3) nonprofit or in the public sector (local municipality, federal government) are eligible for Public Service Loan Forgiveness (PSLF). With PSLF you get the remaining balance on your federal loans forgiven tax-free after 10 years.
- Split your monthly loan payments in half, and pay them bi-weekly. You’ll end up making 13 monthly payments every year instead of 12, which will help you pay down your loans faster. Don’t believe it? Watch this explainer video to learn more.
- Put your spare change towards your loans. You’ll end up putting more money towards principal, and reducing the amount of interest that accrues on your student loans. ChangeEd is an app that lets you put your change towards your student loans.
- Enroll in an income-driven repayment plan. See if you qualify for an income-driven repayment plan. The Department of Education may pay half or all of the interest that accrues on your student loans, which can cut your interest rate in half or even bring it down to 0 percent based on your income.
- Get a student loan coach. Savvy professionals hire experts for help with their taxes and retirement advice. Student loans are no different, the cost of doing it by yourself can be thousands of dollars in extra payments.