Paying Off Your Loans Is Easier Than You Think

Paying off student loans are a real concern for many people out there. Many people accumulate massive amounts of debt just to obtain a bachelors degree. Unless you went to some Ivy league school or have a degree that is high demand, you more than likely are not making over 40k.

Establishing a budget is the key to really making this happen. First create a journal, write down and track everything that you spend. If you have and Iphone there are tons of good apps to help you budget. I had to figure out how much money I was taking home, after taxes, Insurance, 401k, etc. I figured out that it wasn’t much money. Next, I had to really establish what I was spending my money on. Of course everyone will have their necessary living expenses like gas and electric. Many people will also have unnecessary expenses like premium cable packages, smart phones with data plans, simply things you can live without. Sure, there are luxuries in life that make life better, but that is for you to determine for yourself. Figuring out what you can live without is the key. I did not need a cable plan that had every movie channel and HD. I saved $50 on this alone. When I was at work I was on a computer and when I got home I had 3 computers that I could use. Did I really need a data plan for my 30 min commute? Well I saved $25 without the data plan. So what else was I spending my money on? I spent about $200 on clothes and another $400 on going out. I did not realize this until I kept a disciplined journal of what I was spending. In realty your not going to cut out everything, but you know there are some areas where you can realistically save. After really figuring out where my money was going I was able to apply an additional $200 dollars toward my student loans.

The best way to avoid having this kind of debt is to be preemptive. Working at a major bank I had so many kids coming to me trying to get private loans to pay tuition. Many of them where only in their second year of school. They really made bad decisions in choosing their schools. First figure out can you really afford to go to the school that you want. In many cases it makes sense to go to the local community college for the first few years and really decide what you want to do. Maybe you should stay in state and not go out of state where you will pay much more. I Know going to college can be one of the most exciting thing things in a young persons life, but figure out what you can really afford.

Government Loans for Women Start Up Businesses

The United States government and state agencies do not provide grants for women- owned businesses; however, some states do offer loan programs for women who either wish to establish their own businesses or want to grow their businesses. The loans are intended to support small businesses to develop and to flourish. Some of the lending plans require an application, a processing or a loan fee.

California: Women’s Economic Ventures Small Business Loan Fund

The loan is available for men, women and minorities. The program lends $1,000 to $25,000 to start-up businesses and $5,000 to $50,000 to expanding businesses. Applicants must: hold U.S. citizenship or permanent residency, reside in Santa Barbara or Ventura County, and demonstrate business experience or complete the organization’s self-training business. The application fee is either $35 or $50, and the loan fee of 2% is required at the time of closing.

Women’s Economic Ventures

333 S. Salinas Street

Santa Barbara, CA 93103


Illinois: Minority, Women and Disabled Participation Loan Program

The loan is eligible for women, minority or disabled-owned businesses operating in Illinois. It is targeted for small business with fewer than 500 employees, and the loan may amount to $50,000 or 50% of the total cost to run the company. The lending amount can be used for creating capital, purchasing equipment and renovating office premises.

Illinois Department of Commerce & Economic Opportunity

620 E. Adams

Springfield, IL, 62701


Massachusetts BDC Capital Community Loans

The program lends money to women-owned, minority-owned, and non-profit companies that are located in the New England area. The loan terms are for the following: business development, equipment purchases, real estate acquirements or construction, debt refinancing, and mergers and acquisitions.

BDC Capital

500 Edgewater Drive

Wakefield, MA 01880


New Jersey: Urban Plus

The Urban Plus program provides financing up to $3 million for New Jersey-based businesses: Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick and Paterson. Women and minority-owned businesses with fixed-asset collateral are encouraged to apply.

New Jersey Economic Development

36 West State Street

Trenton, NJ 08625


New York: Micro loans for Minority and Women Owned Business

The Community Development Financial Institutions lend financial support to either women-owned or minority-owned businesses that often do not qualify for traditional bank loans. They also advise or suggest business development plans and target companies located in the state of New York: New York City, Long Island, Westchester, Albany, Belmont, Dunkirk, Ithaca, Saranac and Syracuse.

Empire State Development

Divison of Minority and Women’s Business Development

633 Third Avenue

New York, NY 10017-6706