If you are currently struggling with student loans, you’re not alone. According to Forbes, 44.2 million Americans struggle with student loan debt. For many people, the financial burden of debt infringes upon their quality of life. Thus it is important to pay off loans as soon as possible.

One of the best ways to escape student loan debt is to pursue a degree that will get the highest return on your investment. If you have already graduated college with a bachelor’s degree, you may find that you’re not able to make enough to pay off your debt. Returning to school for a higher-level degree might be just what you need to increase your income enough to pay off your loans faster and easier.

Graduate Degrees Garner Higher Income

One of the biggest advantages of going back to school and obtaining a master’s degree is that doing so will boost your starting salary. This substantial increase in income will enable you to pay off your student loans, as well as get into the career of your dreams.

According to a 2015 study lead by Georgetown University, students who graduate with a master’s degree earn around $17,000 more per year than those who graduate with a bachelor’s degree. As such, students with a graduate degree are able to enter the workforce and earn a higher wage from the start. This significant advantage enables them to pay off their loans quicker.

Of course, this benefit varies across different fields of study. For example, a degree in architectural engineering will tend to net you more income in the job market than a degree in, say, social work. Nevertheless, the Georgetown study found that there was a demonstrable increase in income for graduate degrees over bachelor’s degrees, regardless of the chosen major.

Defer Your Student Loans

If you choose to go back to school, you can temporarily defer your student loans so you don’t have to make payments while attending school. This will ease the strain on your finances while you redirect your mental energy toward graduating in a more lucrative field. Keep in mind, however, that if you have defaulted on previous payments, you may not be able to defer your loans.

Reduce Your Graduate School Loans

Even if you defer your loans, with tuition costs being what they are, you’ll probably have to take out more loans in order to go back to school. This may seem counterintuitive, but if you’re in school to qualify for a higher paying job, it’s actually an investment.

That being said, make the most of this investment by reducing what you take out in loans. You may not be allowed to work part-time, but you might be able to find time to donate plasma, do freelance writing, or apply for scholarships/grants (this last one is HUGE!). Think of anything to supplement your income and lessen what you’ll have to pay back later.

See Also: 7 Ways to Save Money while Earning a College Degree 

Embrace “College Student Poor”

Everyone hates the “poor college student” lifestyle, but college students have a wealth of money-saving life hacks in their repertoire. And don’t worry — you don’t have to live on instant ramen to save money the college way.

• Cut down on “luxury” expenditures like new clothes, trips to the car wash, and eating out. When you have to go, price-check first and go for the best deal.
• Attend university events with free food (who knows, you might have fun).
• Take advantage of the student gym instead of buying a gym membership.
• Student discounts! They can be found everywhere: movie theaters, museums, car insurance, restaurants, phone plans, etc.

Pay Off Other Debts

Once you’ve graduated and landed your dream job, it might be tempting to live the opulent lifestyle you dreamt of while working your tail off in grad school. But your work isn’t over yet! Paying off smaller debts can make room for paying off another, larger debt (aka your student loans) faster. This is called the Snowball Method, developed by Dave Ramsey, and it really works!

You can also choose to refinance, so instead of making many small payments on various debts, you make just 1 big payment each month that will go toward all of them. You may cringe at such a large payment coming out of your bank account each month, but thanks to refinancing negotiations with each lender, you’re actually paying less than you were before.

Higher Income = Larger Payments

Sticking to the minimum payment on your student loans can cost you thousands in interest in the long term. Put your extra income to good use by making larger payments on your loan—reducing not only how long you will be making payments, but also how much you have to pay off.

See Also: What Can Employers Do About The Student Loan Crisis?

Summing Up

Going back to college for a master’s degree is a surefire way to improve your job prospects, open your career, and increase your income. More importantly, it enables you to pay off your student loans once and for all, granting you invaluable peace of mind.

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The key to creating a magical life starts and ends with communication. The most powerful factor in person-to-person communication comes down to how you present yourself in the conversation, which is determined by your emotional state. The level of emotional intelligence you apply throughout the interaction and your mindset prior to entering the exchange are your key components to powerful communication.

The way to boost your communication power is to learn about emotional intelligence and being conscious of your emotional state before approaching a conversation. By doing this, you are presenting yourself as your most efficient communication tool which will help you create the results you desire.

This concept can be used for any purpose – parenting, vitality, relationships, and business. For me, I learned to hone these skills while building my first entrepreneurial venture. Once I recognized my own emotional intelligence, it became easier to judge what emotional state others were sitting in, which gave me the advantage in every business communication I had. This edge helped me to create a $170M business with very little industry experience.

What is emotional intelligence?

Emotional intelligence is your conscious ability to connect to your emotional state and utilize it in your goal achievement. Once you grasp this concept and connect to it, the act of creation and communication becomes effortless. When you’re disconnected to your emotional state, things tend to be more of a struggle, your goals seem harder to obtain and you can’t seem to get ahead.

Why is it important to recognize emotional state?

Ever received a bad vibe from someone? Or heard someone else say it? That vibe you’re picking up is actually the other person’s emotional state. Most people think language is the primary factor in communication, but it’s actually the unspoken connection humans instinctively feel around each other. By being sympathetic to people’s vibration and identifying their emotional state, you have the advantage in every communication.

When someone is in a bad mood, do you ever find yourself becoming negative, defensive or hostile? These moods lower your emotional intelligence and bring you down. If you allow yourself to be dragged down into someone else’s negative state, you’ll find your ability to reason and think clearly are limited.

However, someone who is positive and upbeat, who doesn’t allow negative words, actions, or surroundings to get them down, they make you feel happy and empowered. They have the power to stand firm in their mindset and raise you up to their level of emotional intelligence by increasing your vibration to match theirs.

When you’re around people who are aligned with your positive mindset and vibration, this increases your ability to think laterally. Your higher reasoning and emotional state shifts, and as this happens, you can see more, do more, have more, and begin to create more in your life. When you’re around people who are winning, it’s easier for you to win. It’s that simple.

See Also: The Importance Of Emotional Intelligence For A Leader

How does emotional intelligence enhance your communication power?

If you train yourself to pick up on other people’s emotional state, it will be the biggest asset to your communication strategy you’ll ever possess. You’ll instantly be at an advantage, and will instinctively engage with people and opportunities that align with your end goal. You’ll be aware of those people who are time wasters which is a HUGE saving, especially if you are considering adding them to a team, or starting a relationship.

It’s unbelievable how trapped people are on one level of emotional intelligence. They perpetually believe they are victims of circumstances, that life is out of their control and are at the mercy of bad luck. People who are stuck in this emotional state create experiences and results that reinforce this view. It’s a cycle they enable and they will bring everyone around them down too.

When you relate this philosophy to the Law Of Attraction, if you’ve made the mental switch and engaged with your emotional intelligence, you have decided to start perceiving life from a winning angle.

So how does your emotional state influence the person you’re speaking to? If they’re open, and not stuck in a lower emotional state, you will see a rise in them instantly. They’ll be more engaged, positive and the vibration between you will continue to grow.

The most powerful component of communication is directly linked to your emotional intelligence, what emotional state you are in while in the conversation, and your ability to pick up on the emotional state of others. This is a lifehack power tool that can absolutely boost your results, your goals and your life.

See Also: 3 Simple Steps to Balance Your Emotional State

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