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Vital Habits To Dramatically Improve Day-To-Day Life

Shannon December 31, 2021

Are you looking to change yourself for the better? You may want to begin by changing your daily habits. Studies have shown that it takes an average of 66 days to incorporate a new habit into your life.

Remember that it will be a struggle at first. But eventually, incorporating good habits into your life will make you happier, healthier, and more successful overall. Here are 50 habits that will dramatically improve your daily life.

Waking up early is one of the best things you can do for yourself. Photo Credit: Shutterstock

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50. Wake Up Early

There is a famous quote from Benjamin Franklin: “Early to bed, early to rise makes a man healthy, wealthy, and wise.” Sure, it sounds corny. But it’s actually very true. If you make sure that you have eight hours of sleep per night and go to bed at a reasonable hour, you’ll find that you become far more productive throughout your day. If you wake up with the sunrise, you’ll be shocked to see just how much you can accomplish in 24 hours.

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Night owls try to make the argument that they can be equally as productive with a different sleeping schedule. But studies have shown that if you spend more time awake in the darkness, it can lead to depression. And according to scientific research, working the night shift can shorten your life expectancy. If you find that you struggle to get things done throughout your day, it may be that you aren’t waking up early enough. If you struggle to wake up early, try to reduce or completely eliminate your caffeine intake in the afternoon. It will take time to correct your sleep schedule, but it will make a massive difference in your mental and physical health.

Make sure to eat healthy food at least once a day. Photo Credit: Shutterstock

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49. Eat At Least One Healthy Meal Per Day

A lot of people cringe at the thought of eating healthy, especially if they don’t need to lose weight. After all, who wants to go to a restaurant and order a salad instead of a steak? Remind yourself that eating healthy is not about depriving yourself of things that taste good. It’s about feeding yourself the fuel that will help your body reach its best potential. You can still enjoy what you eat so long as you incorporate at least one healthy meal per day.

Healthy stir-fries are easy to make and delicious. Photo Credit: Shutterstock

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Start to do some research about the options that are out there with vegan meals and how people on a plant-based diet enjoy delicious food for fewer calories and higher nutritional value. We aren’t suggesting that you should overhaul your entire diet or become totally plant-based. If you refuse to give up meat completely, that’s up to you. But eating at least one healthy meal per day will make a tremendous difference in your health and may even add years to your life.

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48. Spend Time Alone Every Day

With the hustle and bustle of daily life, many people don’t get any time alone. This is especially true if you are married with children and work full-time. You may wake up next to someone else and go through your day with co-workers, only to come home to your family once again. This kind of lifestyle makes it almost impossible to be alone with your own thoughts.

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Try to carve out some time every day to be alone, and potentially meditate with some breathing exercises. Whether it’s during your commute to work or just 10 minutes in the car, try to make sure you give yourself time to breathe and reflect on your emotions in the present moment. This will help you become more mindful and enjoy the rest of your day to the fullest extent.

The person you are on the inside may not match your exterior. Photo Credit: Shutterstock

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47. Get To Know Yourself

In the last entry, we talked about the fact that a lot of people don’t get any time alone. How well do you know yourself? Are you aware of your faults, strengths, and the things that make you special? It’s important to get to know yourself. Many people need help from a therapist to learn these things, but it can be done alone if you put in the effort to reflect inward on a daily basis.

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Everyone has unique qualities that make them who they are. The better you know yourself, the more chances you have to be happy and successful throughout your life. You will understand exactly what you need in order to be happy and to get to the next step in your life. If you feel that you need help getting to know yourself, start keeping a journal and jotting down your inner thoughts. This will help you to become more acquainted with your emotions.

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46. Quit Smoking

If you are trying to make positive changes in your life, an obvious one would be to stop smoking. People who smoke make the argument that it helps to calm them down. They say they cannot quit because they would be under too much stress. The truth is that the reason why smoking feels so good is that you are taking a moment to breathe deeply and be alone just for a few minutes. You can accomplish this without a cigarette.

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We already know just how unhealthy cigarettes are. It causes lung cancer, breathing difficulties, allergies, and other illnesses. This is not just hurting yourself. It also affects the people in your family as well. On top of that, it’s incredibly expensive to keep up with a smoking habit. Once you quit smoking, you’ll realize that your life has become so much better than it was before.

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45. Have A Skincare Routine

Have you ever wanted to have beautiful, clear, glowing skin? While you may assume that some people were born with perfect skin, it doesn’t come naturally for most people. In order to have amazing skin, you’ll have to do a daily skincare routine. This involves exfoliation, cleaning, toning, and moisturizing with high-quality products formulated for your skin type.

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If you’re not already doing it, this sounds like a lot of work. But once you get the hang of it, you can actually incorporate it into your shower routine in the morning and it becomes second nature. Once you get in the habit of taking care of your skin, you’ll notice that a lot of your blemishes and Imperfections will disappear. This also helps to maintain your skin’s quality over the years, and you’ll look younger as time goes on.

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44. Smile At Yourself In The Mirror

As corny as it sounds, you should begin to smile at yourself in the mirror. When we wake up in the morning, most people feel groggy and upset they have to get out of bed. However, being in a grumpy mood is not a good way to start the day. Look at yourself in the mirror and give yourself a big smile as if you saw one of your best friends. It’ll probably feel strange at first, but your fake smile will most likely turn into a real one.

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By smiling at yourself in the mirror, this will make you begin to like yourself more and feel a sense of self-confidence. You can go throughout the rest of your day feeling happy knowing you love yourself and you can conquer anything that happens.

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43. Keep Your Home Clean

One of the best habits you can incorporate into your life is to get in the habit of keeping your home neat and tidy. Some people claim they don’t mind a mess, or even say that they prefer it messy because they know where everything is. In reality, there have been studies that show that people who have clean houses are more active and healthy than people whose homes are messy.

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Living in a messy house is terrible for your mental well-being. It’s best to keep your home organized and free of clutter if you want to live with the happiest and healthiest mindset.

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42. Drink More Water

Everyone has heard that we should drink at least eight glasses of water per day. It’s taught in every health class in the country, and you probably heard your parents nagging you to do the same. However, most people ignore this because they don’t want to be running to the bathroom every five minutes. It’s understandable if you can’t drink like a camel, but you really should drink more water throughout your day.

If you work out, it is especially important for you to drink a lot of water. Photo Credit: Shutterstock

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Drinking more water will reduce bloating, help your digestive system, and make your skin look younger. It also makes you feel better in general. Remember that your body is mostly made of water, and it’s very important for you to stay hydrated at all times.

Making your bed in the morning is a great habit to have. Photo Credit: Shutterstock

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41. Make Your Bed In The Morning

When we first wake up in the morning, we may wish we could go back to sleep. It’s difficult to drag yourself out of bed sometimes, but if you begin your day being productive immediately, it sets your mind in the right state of being. You can get started with productivity immediately by making your bed as soon as you wake up. This helps in a few ways, mostly because once the bed is made you will no longer be tempted to jump back in it.

If you have a partner, they can help you make the bed. Photo Credit: Shutterstock

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At night, when you feel exhausted and it’s time to go to bed, you will already have a freshly-made place to sleep. If you let your bed go on made for several days in a row, you may realize that it’s not as comfortable as it used to be, and that is most likely because the sheets are getting bunched up from not making the bed properly. Remember that you were only doing a favor for yourself and that it will help your quality of sleep. Also remember to clean your sheets at least once a week too.

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40. Write A Journal

If you’re not already writing in a journal, you should seriously consider starting. By writing in a journal daily, you can get to know yourself better. You’ll be able to reflect on your day, as well as plan for the future. If you aren’t already going to therapy on a regular basis, journal writing can be like a form of self-imposed release.

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No matter how successful you may be, everyone is still human. Some people are afraid to open up about their issues because they’re afraid of being judged. The beautiful thing about writing in a journal is that no one ever has to see what you’ve written down. You can be completely honest with how you feel about people in your life as well as the progress in your own day-to-day existence.

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39. Prepare Your Clothes For The Next Day

When you were a child, your parents may have taught you to set out your clothes for the next day. Not everyone has taken on that tradition as an adult. But it truly does make a huge difference in your life. This is especially helpful if you struggle with finding something to wear in the morning. If you were putting your outfit out the night before, you get a more alert sense of what you should be wearing the next day.

You can teach your children to pick out their clothes from an early age. Photo Credit: Shutterstock

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Check the weather report for the next day to make sure you are wearing appropriate clothes for the temperature and potential rainfall. After planning out your outfits for the next day, you may begin to realize that you’re far more fashionable than you once thought. A lot of it has to do with proper planning.

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38. Take Care Of Your Teeth/Go To The Dentist

You should always be in the habit of brushing and flossing your teeth at least twice a day as well as using mouthwash. Even if you take very good care of your teeth at home, you should still consider going to the dentist at least once a year. Having a deep clean in your mouth can make a huge difference in your dental hygiene. This can also help to detect any potential issues and prevent tooth decay from happening as you age. If you don’t have dental insurance through your employer, try to look for a local dental school.

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Aspiring dentists and dental hygienists have to work on real-life patients to practice their future careers. They need people to come in and get their teeth cleaned to get their work hours in for their degrees. You can often get an entire cleaning for less than $10 simply by offering your time to these students. This can be a lot cheaper than going to a full-fledged dentist, and you actually get a more thorough cleaning because these students are taking their time to do everything right to get their ‘A’ instead of rushing through it.

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37. Listen To Podcasts

If you’re not already aware, a podcast is sort of like a radio show where people talk to one another about certain topics. Podcasts are an amazing way to learn new things. There are podcasts out there for anything you can think of; true crime, business, self-improvement, and even cooking. If you search Apple podcasts or Stitcher you will find that you can type in almost anything and a podcast will exist for it.

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Getting into the habit of listening to podcasts will improve your life in a lot of ways. First of all, it will help you embrace the things in your life that you’re truly interested in. Even if you can’t find anyone in your local area who has the same passion for your interest, you can listen to someone on a podcast talking about it. This makes you feel a lot less alone and it also gives you more to talk about with your own friends and family. It can even make your life more successful, especially if you find one that aligns with your career goals.

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36. Keep Live Plants

Owning real plants in your house is beneficial for a number of reasons. It will help the aesthetic of your home decor no matter what interior design style you prefer. It also helps to clean the oxygen in the air.

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Live plants need some tender, loving care in order to survive. They’re far less maintenance than having a pet, but they will still fill you with pride once you see them grow and thrive.

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35. Turn Your Negative Thoughts Around

Everyone has terrible days where we think negative thoughts. These thoughts can be about ourselves, work, friendships, and much more. Once we allow a negative thought process to begin, it can sometimes turn into a vicious downward spiral.

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While it is totally normal to have some negative thoughts happen every once in a while, try to stop them before they get out of control. Let your bad thoughts pass through your head. Swipe a bad thought away as if you are swiping left and saying “no thank you.” If you find yourself struggling with depression, try to build up your happiness by giving yourself happy things to think about one by one until you build a ladder out of a bad situation.

It would be wise to make a habit of cleaning your closet. Photo Credit: Shutterstock

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34. Clean Your Closet Regularly

Some people go years without cleaning out their closet. Items begin to pile up and you may have tons of clothes but feel you have nothing to wear. It’s far better to have fewer things that you actually enjoy wearing compared to having a lot of stuff that you never wear. This is why it’s always a good habit to go through your closet regularly. Some people recommend having a shopping bag in your closet to toss items that you are on the fence about getting rid of.

Folding properly and organizing your drawers makings a lot more space. Photo Credit: Shutterstock

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If you haven’t reached for those items in a month or longer, it’s a sign you should definitely donate them to charity. Remind yourself that there are people out there who would appreciate the clothing you have to give.

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33. Buy A Planner

If you struggle with getting things done on a day-to-day basis, you may want to consider getting a planner. They are sold in just about every store that provides office and craft products. You can buy one online too. It’s also possible to create a digital planner on your phone or on Google Calendar. However, that’s not the same as having a physical paper planner that you can hold in your hands.

Planning your daily life can help keep you more organized. Photo Credit: Shutterstock

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Another great thing about real planners is that you can keep it for years and go back to see what you were doing on a day-to-day basis. If you’re a mom raising kids, this is like a book full of precious memories. It can also become a way for you to measure your progress in your education or career. If you’re feeling down in the dumps, you can go back to remind yourself of how much you can accomplish in a small period of time.

It’s wise to get in the habit of saving for the future. Photo Credit: Shutterstock

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32. Save For A Rainy Day

The average American household has less than $1,000 in savings. Without savings, these people would have nothing to protect them if there was a potential job loss or tragedy that befell the family. Don’t let yourself become a victim of death. Start to save money out of every paycheck. If you’re not sure exactly how much it costs to pay your monthly expenses, you should make a budget in order to realize how much it costs for particular bills and how much you need to pay them. Usually, you’ll be able to cut back on some of your expenses and use that money for savings instead.

The more you save, the more comfortable you will feel in the long run. Photo Credit: Shutterstock

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For example, if you’re the type of person who goes to Starbucks and spends $5 a day on coffee, you can eliminate that from your budget and put that $5 a day towards your savings account. Over the course of 30 days, that will turn into $150 a month. While that might not seem like much, it’ll eventually add up and give you protection in case you need a major car repair or something similar.

Making a meal plan can help if you are on a diet. Photo Credit: Shutterstock

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31. Make A Meal Plan

Do you throw away food that has expired because you bought too much? Or maybe you went grocery shopping in hopes of starting a new diet, but you still went out to eat several times that week instead. Simply shopping for groceries does not always stop you from making poor choices with your food. It is best to make a meal plan so that you know exactly what you want to make for breakfast, lunch, and dinner each day of the week.

Meal plans can help if you are on a strict budget. Photo Credit: Shutterstock

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Once you get in the habit of making a meal plan, you will save a lot of money in the long run. Less food will go to waste, and you can hopefully begin to lose weight if you’re willing to stick to a healthy diet.

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30. Start Learning About Psychology

If you went to college, you probably took Psychology 101. However, most students are no longer required to take more psychology courses after that point, or they may have the option to take Sociology instead. This means that most people are ill-equipped to deal with the inner workings of the human mind. It’s probably a good idea to start a habit of learning more about it. The more you learn about psychology, the more you can learn about yourself and other people.

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There’s no need to read an entire psychology textbook. But simply reading articles from Psychology.com, listening to podcasts, and YouTube videos can all teach you something fascinating about what it means to be a human. The more you know, the more comfortable you will feel with your emotions, and it’ll help you become happier in the long run.

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29. Act Confidently

It is no secret that confident people often succeed more than those who have low self-esteem. Thankfully, you can change a few habits in your life to make yourself more confident. Nearly everyone has heard of the phrase “fake it til you make it.” This is true, especially when it comes to confidence. Even if you feel nervous about going into work, on a first date, or anything else in your life, it’s possible to fake confidence until you feel it for real.

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Before you go into a nerve-wracking situation, try to envision yourself succeeding in whatever it is you want to do. If you did everything perfectly, what would that look like? This is like giving your brain a dress rehearsal for what’s about to come next. Hype yourself up with some exciting music, or anything else that will make you feel great about yourself. Also, wear your best clothes and tell yourself you can do it. All of these things combined should boost your confidence levels.

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28. Cut Up Your Credit Cards

If you are struggling to get out of debt, you should stop the bad habit of spending on those credit cards. If the temptation to spend is too much for you to handle, take a pair of scissors and cut the card in half. At the very least, you’ll no longer be able to take that card into a store with you to buy anything.

Cutting cards in half will help you pay off your debt. Photo Credit: Shutterstock

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Before you throw them away, make sure you keep the pieces just in case you have to call your credit card company.

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27. Pay Attention To Your Credit Score

You should always pay attention to your credit score, even if you already own a house. Having a healthy credit score determines if you will be able to borrow money in the future or take advantage of credit card perks like travel rewards.

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You can get your credit score for free by signing up for Credit Karma. For more tips on increasing your score, check out our 40 Surefire Ways to Raise Your Financial Health.

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26. Exercise 30 Minutes A Day

There is an old adage that everyone should get at least 30 minutes of exercise a day, which is likely why recess and gym were requirements when you were in school. As adults, that responsibility lies with us to decide if we want to be active or not. But there’s no doubt getting exercise makes a huge difference in both our physical and mental well-being.

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According to the Mayo Clinic, the 30 minutes a day rule is actually more than what you need. According to them, you should be getting at least 150 minutes of moderate aerobic activity or 75 minutes of vigorous activity every week. This is above and beyond your normal daily routine. Basically, you should try to incorporate more walking and cardiovascular activity into your day-to-day life. Look for opportunities to take the stairs, park farther away from the door, or go on a walk around town whenever possible.

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25. Call & Visit Your Family Regularly

Nowadays, a lot of people choose to text their friends instead of calling. This may be because you don’t have a lot of time to devote to a conversation, but there’s no replacement for hearing someone else’s voice. This can help you feel much closer with the other person, and there’s no chance you could possibly misunderstand one another like you could over text. Being able to communicate well over the phone is also very useful in the professional world and your boss will surely take notice.

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If you have children, teach them to talk on the phone too. Calling their grandparents should be something they do on a regular basis. This will help your kids become more social as they get old and alleviate any anxiety they may feel over talking to people on the phone.

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24. Clean Your Desk

Whether you work from home or in an office environment, you should clean your desk on a regular basis. This is especially true if you do not have any sort of cleaning crew coming in at night to clean for you. There are a lot of germs and dust that accumulate on your desk, especially since you work there every single day.

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Don’t forget to wipe down your computer, mouse, and keyboard. Since your hands are always touching these things, they hold most of the germs.

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23. Stay Away From Toxic People

Unfortunately, we all deal with toxic people at some point in our lives. These are people who are constantly bringing us down and making us feel awful. Sometimes they might lure you in with kind words only to make back-handed insults to cut you down again. When you’re in a toxic relationship, you feel as though you are walking around on eggshells in front of that person.

It may be time to move on from people who are dragging you down. Photo Credit: Shutterstock

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It’s best to stay away from people who are bringing you down. Of course, this is much easier said than done. It may mean cutting ties with a family member or getting a divorce. Before you make a final decision, open up to someone you trust. Surround yourself with people who love and support you and find the strength to leave a toxic situation. Other times, leaving a toxic friendship may be as easy as never texting them again. Try to make it a habit of never letting these people into your life in the first place.

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22. Don’t Use Your Phone Or Tablet Before Bed

A lot of people have the habit of browsing their phone before they go to sleep. While this may seem normal to most people, it can actually make it a lot more difficult for you to fall asleep. When your eyes see a bright light, it triggers your brain to think it’s still daytime.

If you suffer from insomnia, your cellphone may be to blame. Photo Credit: Shutterstock

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Many people don’t realize just how harmful their cell phone habit is affecting their sleep. If you’re someone who has a difficult time falling asleep, try to stop using your cellphone, laptop, or computer at least an hour before bedtime. This should make a big difference in your ability to get a restful night of sleep.

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21. Learn From Your Failures

Every single person on this planet has failed at some point in time. Even if they look very successful from the outside, that doesn’t mean their lives are perfectly blessed. These people have experienced failure just like everyone else. The major difference is that the successful person chose not to give up after failing. No matter what you’re trying to accomplish in your life, don’t let failure stop you from getting what you really want.

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Back in the 1930’s, Napoleon Hill interviewed the most successful men in the United States to try to distill their success down into a principle that could be taught to other people. He put the following quote in his book Think and Grow Rich: “Before success comes in any man’s life, he is sure to meet with much temporary defeat, and, perhaps, some failure. When defeat overtakes a man, the easiest and most logical thing to do is to quit. That is exactly what the majority of men do. More than five hundred of the most successful men this country has ever known told the author their greatest success came just one step beyond the point at which defeat had overtaken them.” The next time you feel tempted to quit, don’t. Instead, learn from your failures and keep moving forward.

Photographs can be really meaningful to collect from your life. Photo Credit: Shutterstock

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20. Start A Collection Of Meaningful Things

In recent years, there’s been a push to live a more minimalist lifestyle. While it’s true that decluttering your life can be tremendously helpful, that doesn’t mean you should get rid of everything that sparks joy in your life. If you don’t already have a collection started, try to ask yourself what kinds of items mean the most to you and make you really happy.

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These collections could be of sentimental older family photos, vintage video games, vinyl records, cameras, china, and so much more. Remember that “hoarding” and “collecting” are two vastly different things. A collection can be organized and displayed in a way that makes your home more unique to you. And once you start this process, your friends and family will have a better idea of what to buy you for your birthday and holidays to add to your collection.

Sometimes, it’s okay to say no. Photo Credit: Shutterstock

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19. Learn to Say “No” More Often

With all the hustle and bustle of daily life, you’re most likely asked to do things from your boss, co-workers, friends, and family members. If you are a people-pleaser, you’re probably going to say “yes” to doing something even if a little voice in the back of your head is pleading to just go home. After a while of saying “yes” to everyone else in your life, it can seriously begin to drain you. So practice saying “no” to others more often and “yes” to yourself instead.

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Saying “no” is not selfish. In fact, if you drain yourself completely, there will be nothing left to give. Remember that self-care and preventing burnout is healthy and will help you continue to be a loving, caring person to the people in your life. So, next time a friend asks you to do something you’re not actually interested in, be honest about how you feel, and say that you would prefer to just stay in and rest. If they get offended by this, it’s a sign that they may be selfish or insecure. True friends will want you to take care of yourself before you’re ready to socialize again.

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18. Give Yourself Realistic Goals

Having goals is amazing, and everyone should be trying to manifest their success. However, you need to give yourself goals that are realistic. For example, if you tell yourself that you’re going to lose 50 pounds in one month, that’s not healthy. In fact, if you did lose that much in a month, you’d probably end up in the hospital. By giving yourself massive goals, it will only discourage you from completing the task. The same could be said with nearly any other goal, whether it be financial or otherwise.

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There is a saying: “reach for the moon, and land among the stars.” In a way, this is true, but it’s often a gradual step in the process. In Think and Grow Rich by Napolean Hill, he recommends to write down your goals and then give yourself realistic steps on how you are going to get there. For example, your goal may be to lose 100 pounds in one year. So you could write something like, “I am going to lose 10 pounds in one month. I will do this by completely cutting out sugar from my diet, eating vegetables every day, and walking for an hour a day.” If you actually follow through with those steps, you are likely to lose weight.

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17. Become More Organized

Being organized can dramatically improve both your personal and professional life. When you’re organized, you know exactly where everything is in your house. In a split second, you can go directly to where this item is because everything has a place for it to belong. The same goes for work. If your files are completely in order, you’ll never spend hours rummaging through paperwork or digital files wondering where it all went.

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If you want to become more organized in your life, consider watching Tidying Up by Marie Kondo on Netflix. Each episode goes through how to clean, declutter, and reorganize your home so that everything sparks joy for you. The same can be done in your office space. Once you become more organized, you’ll begin to notice how easily your workflow becomes and how much more productive your life can be.

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16. Stop Snacking At Your Desk

If you work from home, or if your boss is very relaxed with their rules about having food and drink at your desk, you may be in the habit of sipping your coffee or eating out of a bag of chips while you work. This is a very bad habit for a few reasons. One, you are mindlessly eating without really thinking about it. This takes your mind away from what you are consuming, and focuses it on something else instead. Over time, this adds unnecessary calories to your diet.

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Another major downside to eating at your desk is the potential for accidentally spilling your drinks or dropping crumbs. These tiny pieces of food may fall into the cracks of your keyboard. This habit can even lead to ants and other insects infesting the room. Instead of snacking at your desk, keep your food and drink consumption to your kitchen or office breakroom.

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15. Learn To Live In The Moment

All too often people are not living in the moment. Their mind is wandering off thinking about work or worrying about the future. Instead of doing that, try to be present and enjoy the moment while it lasts.

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This is especially true if you have children. They grow up fast, and you should enjoy every second you have with them when they’re still in their innocent stage of life. If you blink, you just might miss all of the greatest moments. Once you truly feel present in the moment and appreciate everything going on around you, it’ll bring you true happiness.

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14. Call People By Name

In the famous book How to Win Friends and Influence People, author Dale Carnegie suggests to always call people by their name. If you’re meeting them for the first time, introduce yourself and ask for their name. Make sure you remember it and use it once or twice during the conversation. By using someone’s name, it helps them feel like they’re truly being noticed and remembered.

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Even if you’re simply going to a store to buy something, everyone has a nametag. And servers at a restaurant usually introduce themselves, as do customer service representatives. If you remember to use their names, you’ll often receive better service too.

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13. Read More Books

A well-written book can transport you to another time and space. Sometimes, a story is so captivating, you can completely relate to the story’s characters. This helps to build your level of empathy, especially if you get in the habit of reading books on a regular basis.

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And, of course, if you read non-fiction books, you’re likely to learn a tremendous amount of information. Don’t have time to read? Check out audiobooks instead. You can listen when you’re driving in a car or sitting through a long commute.

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12. Put Your Phone Away

Taking your phone out during dinner time is a terrible habit that a lot of people in the modern world are guilty of. People are choosing to respond to texts instead of communicating with the human being who is sitting right in front of them. Make a promise to yourself that when you are with someone else, you will not get distracted by technology.

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Being present in the moment when you are having a conversation will bring you closer as friends, or as a couple. Remind yourself that there will always be time to look at your phone later. You’re not missing out on anything online by putting it down, at least during a date.

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11. Truly Listen To Others

Unfortunately, many people do not actively listen to others. They’re just waiting for their turn to speak. Instead of eagerly waiting to interject, truly listen to what the other person is saying. Take interest in what they want to talk about and respond accordingly. Eventually, you can get around to talking about what you want to say.

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People will truly take notice when you listen to them and it will most likely bring you closer. This works with co-workers, friends, family, and relationships. Everyone will appreciate it if you’re a good listener.

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10. Figure Out What Motivates You

It can be hard to be motivated with your goals if you have not properly pinpointed what drives you. For example, if you don’t care about money, then the promise of a big payday won’t be enough to get you on your feet and working towards your goals. Still not sure? Think back to a moment when you worked really hard towards a goal and accomplished it. Why did you commit to finishing that task?

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Once you have figured out what motivates you, start using that in your daily life. For example, if you worked hard to get A’s because your parents bought you a new toy, try to do that for yourself as an adult. You can make a promise to yourself that you’ll get a reward for finishing a task. Just do whatever you need to do in order to follow your bliss and succeed with your life’s purpose.

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9. Make Fewer Spur-Of-The-Moment Decisions

If you make decisions too quickly, it can often lead to mistakes and regret. This is especially true if you are trying to rent an apartment, buy a house, or any other major choice in your life. Even if you feel very busy, try to take a step back and really think about the decisions you are making. If you can’t decide between two options, make a list of pros and cons. This may help you to be able to see the answer to the problem more clearly when it’s written down.

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If the decision concerns your partner, you should always include them in the conversation. They’ll truly appreciate the fact that you decided to include them, and it may bring you closer as a couple.

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8. Stock Up On Healthy Foods

A lot of people say that they struggle to stick to a healthy diet. This may be because of one simple issue: They don’t buy enough healthy food to last the entire week. If you open your cabinets and refrigerator and all you see are boxed foods filled with preservatives, you’re never going to reach your goal of improving your health. Start buying healthy foods and stop yourself from buying sugary snacks. Once your entire house is filled with healthy food, it becomes much easier to make better choices.

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If you think that there is too much temptation at the grocery store, you may want to order your groceries through Walmart Grocery Pickup, Amazon Fresh, or another local grocery delivery service. This way, you don’t have to walk around the aisles tempted to pick up cookies or cakes. It becomes a lot easier to select the items that are healthy for you and stick to your budget as well.

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7. Aim For 10,000 Steps A Day

There are some people who believe that if you walk 10,000 steps per day, you can become very healthy. In today’s world, you may not walk a lot. You may go from your home, to the car, and then into your office, where you sit down at a desk. Even if you think that you walk a lot, once you start tracking your steps on a pedometer, you may be shocked to see how little you actually move on any given day.

Your phone will let you know how many steps you have walked. Photo Credit: Shutterstock

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Get into the habit of checking your steps either on your phone, Apple Watch, Fit Bit, or a good old-fashioned pedometer. Once you begin to pay attention to how much you move, you’ll see just how far away from 10,000 steps you are. Trying to achieve more steps in your day becomes almost like a game. Parking farther away, taking the stairs, and taking a walk around the block will all contribute to your overall score. The more you aim for that goal, the healthier you will become.

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6. Stop Weighing Yourself Every Day

If you are trying to lose weight or stay in shape, you may be in the daily habit of weighing yourself. This is actually very bad for your mental health for a number of reasons. First of all, your body will naturally fluctuate its water weight every day as much as five pounds. You could be doing everything “right” and then see that you somehow gained weight. This can be incredibly discouraging and make you spiral into obsession.

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Instead of weighing yourself every day, cut back to once a week, or even once a month. Remember that as long as you are making the right choices to get fit, the results will show themselves in the long run. You’ll get a far more accurate picture of your weight by only weighing yourself sparingly.

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5. Spend Time In Nature

Even if human beings have become so disconnected from nature, it’s still very much a part of our existence. You should make a habit of getting outside every once in a while, even if it is just to stop and smell the flowers or take a walk with your dog. By taking a moment to feel connected with nature, you’ll feel more at peace with the world.

If you have a dog, they will appreciate if you take more walks in nature. Photo Credit: Shutterstock

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Viewing something beautiful in nature can help put things in perspective. No matter how large your problems may seem, the world will keep on turning.

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4. Give Yourself Things To Look Forward To

Sometimes, life can feel like one day just bleeds into the next. If every day is the same, you may begin to feel a bit depressed and lose your excitement for life. Instead of allowing this to happen, always give yourself something fun to look forward to. Start going to local events, make plans to see your friends, or plan a weekend road trip.

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By filling up your calendar with events to look forward to, it’ll make you happier in general. Even if you’re having a difficult day, you can always remind yourself that soon enough, you can go do something fun.

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3. Laugh More

There is a saying that “laughter is the best medicine,” and it’s true. According to the Mayo Clinic, laughing immediately soothes and physical tension you may feel in your body and also decreases stress. Over time, laughing on a regular basis will help to boost your immune system, which means that you will get sick far less often. And it will obviously improve your mood and happiness.

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Since it boosts your immune system, one may argue that laughing might even make your life longer. So make sure you try to find a reason to laugh every single day, no matter what’s going on in your life.

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2. Express Gratitude

One of the secrets to feeling happy is to be grateful for the things you already have. You can begin this process immediately by keeping a gratitude journal. This could be typed out digitally or in a notebook. Start by writing everything you feel grateful for. If you’re going through a hard time, you may only be able to write simple things like “I am grateful for having food” or “I am grateful for having a place to live.” As you go on, you can find more and more things to be grateful for.

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You should also express gratitude for the people in your life. Most parents are not told by their children often enough that they are grateful for all of the work they did to raise them. By telling people that you are grateful for them, they’ll truly appreciate it. This will most likely improve your relationships with your family and friends.

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1. Tell People You Love Them

Some people find it difficult to say the words “I love you” because they’re not used to feel so vulnerable. They may try to show their love through their actions. But if you truly do love someone, whether it’s your best friend, family, or significant other, don’t be afraid to say it. Love is one of the most powerful things in our lives. Everyone deserves to feel loved.

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Once you begin to say “I love you” regularly to your family members, you may begin to feel much closer to them. It truly can help improve your life and make you feel much more secure.

Home Editor Picks 40 Interesting Facts About Student Debt Forgiveness
Editor Picks

40 Interesting Facts About Student Debt Forgiveness

Trista Smith December 25, 2021

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College is a rewarding experience where students can study a field of interest and prepare for their careers. It’s also a time to meet new people and explore differing viewpoints. But the bad thing about college is the tuition. Between paying for classes, room and board, a dining plan, and textbooks, you’re down thousands of dollars every year for four years. Many people choose to apply for student loans due to mounting costs.

Student loans are a hot topic in the United States, especially because a new election year is approaching. Several of the 2020 presidential candidates have promised to completely forgive student loan debt if they were to become elected as president.

However, is that really a realistic idea due to what it would take? In some instances, student loan debt forgiveness can be achieved. It takes a long time, but many people have been able to get the government to erase their student loan debt through the Public Service Loan Forgiveness program, for instance. To learn more about student loan debt and how it can be forgiven, keep reading right here.

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1. College Tuition in the US

College tuition is the cost of higher education that is collected by colleges and universities in the United States. This excludes fees that are paid via taxes or other government funds like demand-side or supply-side subsidies. As the quality and value of a college education have increased over the years, the costs of attending a higher education institution also have as a result.

After World War II, costs for attending universities went up because attendance increased dramatically. The introduction of the GI bill allowed more students to go to college after they returned from fighting in the war. Additionally, higher education began receiving better federal funding from the government.

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2. History of Tuition

It was believed that a significant role in determining the outcome of World War II was research done at universities in the United States. It was therefore vital in the country’s success during the Cold War. After the Soviet Union launched sputnik, those in the United States believed that we were falling behind in the fields of science and technology.

They believed that because higher education was funded by private wealth, not enough students were able to attend college. It wasn’t until the introduction of student loans that more young people from middle-class families were able to get their college degrees. For instance, the government offers grants, loans, research contracts, and tax subsidies to college students.

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3. Causes of Tuition Increases

One of the most expensive education systems in the world is the one in the United States. On the other hand, it gives students the most success in getting an earnings boost from their advanced degree. The average college tuition costs in the US are between $10,000 and $35,000 per year.

Most public schools raise their tuition rates about 3 percent each year due to inflation. This is most likely due to a reduced number of state and federal appropriations to state universities. When this happens, the additional costs are recouped from student tuition. Since the early 1990s, state support for public schools has fallen more than 25 percent, putting the burden on students as a result.

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4. Privatization

In 2011, public colleges and universities received more funding from student tuition than state support for the first time. That led many experts to believe that a lot of public colleges and universities are making the change to become private due to this dynamic. Currently, roughly 80 percent of college students in the United States attend a public school.

In terms of investing, putting money into a college or university is a poor investment. This practice will give investors severe tax disadvantages, leading them to put their money elsewhere. Because of inadequate subsidies and oppressive taxation, colleges are being underinvested in and winding up with an educated labor shortage.

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5. Student Loans

One of the main reasons for a hike in college tuition is student loans. Congress will raise the loan limits on student loans from time to time. This gives students more time to take out deeper loans and therefore get higher education. When this happens, colleges and universities get the message that students can afford more schooling, leading them to raise tuition costs.

These schools become confident that they can raise their rates because federal loan subsidies will cover the difference. They don’t take into account additional fees that accumulate like orientation fees, freshman fees, and senior & commencement fees. Since 2000, tuition rates at public colleges and universities have climbed nearly 35 percent.

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6. Bubble Theory

Many experts believe that higher education is a bubble. They claim that investing in higher education excessively will negatively impact the United States economy. Fiscal conservatives say that as college tuition rates rise, the number of graduates exceeds the number of jobs in their designated fields.

This could lead to student loan defaults on banking institutions and taxpayers because of high rates of unemployment after graduating from college. Additionally, employers are changing the requirements of job listings and adding extra academic needs to occupations. Because of this, the government has justified tax cuts, public higher education spending cuts, and shifting spending to the Department of Defense.

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7. Lack of Bankruptcy Protection

A recent change to federal laws has removed standard consumer protections. That includes statutes of limits, truth in lending, bankruptcy proceedings, and Fair & Debt Collection practices. It effectively takes away a student’s right to declare bankruptcy.

This lets colleges and loan lenders know that students are responsible for any amount of money they borrow. That includes interest and late fees. Because of this, lenders have even less incentive to give students a reasonable loan that they can pay back in an acceptable period. Many students may not know that they are unable to include their student loans in a bankruptcy filing.

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8. Additional Factors

Several other things have led to college tuition hikes. One is the cost of hiring instructors. One-quarter of tuition increases at public colleges and one-third of the gains at private colleges are due to teacher salaries.

Tuition discounting is a practice that involves a college giving out financial aid awards from its own funds. That ends up requiring other students to pay more tuition each year. Another reason for tuition increases is the higher number of regulations colleges are required to follow. From the time that the government became less involved in higher education, tuition and fees at public universities have risen by 90 percent.

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9. College Tuition Inflation

Since the 1970s, the cost of higher education has been two or three times higher than the cost of living and medical costs. Medical expenses tend to be twice the rate of the cost of living, but college tuition costs are more than four times the rate of the cost of living. College tuition and fees are three times as high today as they were in the late 1970s.

Each year, the mean increase in a four-year college’s tuition costs is just over 4 percent. The average 4-year public college costs roughly $7,000 annually. Four years earlier, it cost only $5,000 per year. The differences between tuition for in-state and out-of-state students is staggering. In-state students pay about $6,500 per year, while out-of-state students pay just over $17,000 each year.

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10. Economic Factors

Many economists believe that the costs of attending a college or university are worth it for the educational benefits students receive. There are many benefits to getting a college education, but because of high taxation on educated labor as well as inadequate subsidies, they see why some people would rather forego going to college to avoid raking up student loans.

The cost of living is another economic factor when it comes to college. Not only do students have to worry about paying for a class, but they also have a lot of extra fees to take into account. There are housing costs, food costs, and money for textbooks and school supplies. If they live off-campus, they’ll have to pay for rent and utilities.

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11. Social Factors

Higher tuition costs can end up causing social issues for students. Those that take out student loans may end up never finishing their degree. Studies show that students from lower-income families are most likely to drop out of college to avoid getting into debt.

Middle-class students have a higher risk of getting into student loan debt because there aren’t enough job opportunities in their field or community. Research indicates that more than 75 percent of college students are stressed about their tuition fees and student loans. Student loans have been the cause of an increase in anxiety and depression levels among college students.

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12. Solutions

Experts have outlined several solutions for helping students solve their high tuition issues. One idea is to increase the amount of public funding to colleges and universities to keep them affordable. Another would be to have state and federal governments provide additional contracts, grants, and appropriations to colleges.

Additionally, state and federal governments may want to consider reducing regulations on colleges and universities. They can also make investing in higher education less risky. Schools can look for ways to cut costs without lowering the quality of their services. Of course, the best idea would be to practice student loan forgiveness at a significant level.

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13. Student Loan Debt

When a student is unable to cover the full cost of their college tuition through grants, scholarships, or personal resources, they can turn to student loans. The amount a student borrows plus the interest they accrue accounts for their student debt, minus the payments they’ve already made.

Many countries offer student loans, but lending in the United States has led to crisis levels of student debt. As of 2018, the total amount of student debt in the United States is $152 trillion. Over 44 million people owe money on their student loans. On average, a student’s debt is nearly $40,000.

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14. Student Loan History

Financial aid programs for STEM, teaching, and foreign language students were implemented in 1958 through the National Defense Education Act. By 1965, the Federal Family Educational Loan Program was founded to include all students who demonstrated the need for financial assistance. In the early 1990s, the government started to directly fund student loans for those who weren’t getting enough from the subsidized loan program.

Subsidized loans began fading out in the mid-2000s when the turmoil of the Great Recessions impacted private lenders. As of 2010, according to the Health Care and Education Reconciliation Act, all federal loans are required to be direct loans. There is the option to qualify for a loan under a private lender, but those tend to be more expensive.

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15. US Student Loan Mess

There is a series of overlapping periods that most heavily led to the trillions of dollars in student debt. The first is the years between 1958 and 1972 when Sallie Mae was founded and the first federal loans were issued to students. The next period was the mid-1960s through 1978. During this time, most loans had an extremely high rate of default.

That time also saw the impossibility of discharging student loans through bankruptcy. The third period responsible for the student loan mess in the United States is the mid-1990s to the present time when incredibly crushing debt became a reality for so many people. Finally, the period from 2012 until now when bad economic damage occurred.

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16. US Student Loan Servicers

There are several student loan servicers in the United States. These companies act as a mediator between a student and his or her lender. When a lender gives you money for school, it’s your responsibility to pay back your lender through a student loan servicer.

A student loan servicer tracks payments, helps you customize loan payments, and assists lenders with loan deferment. When the U.S. Department of Education first pays your loan, you are assigned a student loan servicer. The most common servicers in the United States are Navient, FedLoan Servicing, CornerStone, GSMR, and Great Lakes Educational Loan Services.

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17. Student Loan Statistics

In the United States, college students borrow from two different types of loans: Private and Federal loans. Federal loans are assigned a fixed by Congress, and it’s typically lower than a private loan’s interest rate. A direct subsidized loan has an interest rate of 4.45 percent on a maximum loan amount of $5,500.

Direct plus loans can be up to $20.500 and have an interest rate of 7 percent. On private loans, the average interest rate is nearly 10 percent. Interest rates are the top reason for student debt numbers. Rising college costs are another cause of mounting amounts of debt in the United States. Inflation causes annual college tuition fees to increase steadily every year.

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18. Social and Political Reactions

As we mentioned before, student debt is a significant talking point in politics. Several 2020 presidential candidates are working to eradicate student loan debt. Other politicians are trying to find ways to cover college costs so students won’t have to go into debt in the first place.

In 2012, students banded together to create the Occupy Colleges and Occupy Student Debt movements. These groups use social media to advocate for eliminating student debt as well as share stories of paying off student loans. Their efforts successfully enabled the creation of the Pay As You Earn initiative by President Barack Obama.

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19. US Student Loan Resistant Groups

The most active student loan resistant groups are Student Loan Justice, the Debt Collective, and Strike Debt. These organizations form committees, get petitions signed, and directly work with lawmakers to get bills passed. They channel their energy into getting the word out about the harshness of crippling student loan debt.

Some resistance groups champion a complete bailout while others are happy with getting assistance, making payments on their student loans. Student loan resistance doesn’t just happen in the United States. People in the United Kingdom, Chile, and Canada, among other countries, have come out against mounting student loans and debt.

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20. EdFund

Under the Federal Family Education Loan Program, you can find EdFund. EdFund is the United States’ second-largest student loan guarantees services provider. This corporation is a non-profit public-benefit organization. Through EdFund, college students and their families are given information on how to pursue higher education, how to be able to pay for it, as well as how to manage their debt.

EdFund began as a part of the California Student Aid Commission. Each year, this corporation processes nearly $10 billion in student loans. They currently have an outstanding loan portfolio of almost $30 billion. EdFund’s headquarters is in Rancho Cordova, California, and they have offices throughout the United States.

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21. EdFund History

EdFund has been around since 1997. It originally was established as a public benefit corporation to assist in the federal student loan program. This company is responsible for handling all administrative and operational duties of the California Student Aid Commission.

EdFund is one of the leading providers of student financial aid services. It’s governed by a board of directors that meet every quarter. Some people have criticized EdFund for their practices, saying that they cause students even more debt. In some cases, they have taken a loan for around $37,000 and driven up the cost of repayment to over $100,000.

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22. Student Loans in the United States

In the United States, student loans are extremely common. Most college students acquire them to help pay for their higher education tuition and other fees. Since 2006 the amount of student loan debt has rapidly climbed and is approaching $1.6 trillion, which is 7.5 percent of the gross domestic product (GDP).

Student loans that are issued must eventually be repaid, unlike scholarships and most grants. Studies have shown that the high rate of student loans has led to an increase in college and university tuition prices. The Federal Student Aid’s portfolio accounts for almost 10 percent of the United States’ debt.

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23. Overview of Student Loans

The average student loan borrower owes nearly $40,000 by the time they walk across the stage at their graduation. About 15 years ago, they just about half of that amount of money. According to statistics, Americans owe $552 billion more on their student loans than on their credit card debt.

Another issue with student loan debt is that it affects different races and social classes. Members from different communities will find it easier to get loans that do not have high-interest rates and can be paid off promptly. Only 30 percent of college students in the United States will not go into debt because of their college degree.

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24. Differences in Student Loan Debt

There is an existing racial wealth disparity in the United States. Some races make less money than others. This difference in incomes has combined with high tuition costs has led to racial wealth disparities across generations. It has been proven that individual races are given more onerous student loans to pay off, contributing to a constant cycle of debt.

A New York Times article found that black college graduates owe an average of $7,400 more than their white peers do on their student loans. Several years after they graduate, these students may owe as much as double the amount of money on their student loans as their white peers do.

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25. Federal Loans

The first student loans that were backed by the United States government were issued in 1958. These loans came to be under the National Defense Education act and were only given to a specific category of students. Those who studied education, science, or engineering were eligible for these student loans.

This was to ensure that the United States would have an adequate selection of people who could compete with the Soviet Union’s flourishing space and technological programs. In the 1960s, the government decided to expand the student loan program, so they were available to students studying in all subjects. This was a way to provide the opportunity of education to everyone as well as give the United States better social mobility.

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26. Loans to Students

Before the year 2010, federal loans accounted for both guaranteed and direct loans. The Student Aid and Fiscal Responsibility Act eliminated guaranteed loans and replaced them with direct loans. That was because they believed that guaranteed loans benefited private student loan companies more than students and taxpayers.

Direct student loans are given to college and university students as funds that are paid directly to their school. These funds can be used along with personal resources, grants, scholarships, and work-study earnings. Depending on financial need, student loans may end up being subsidized by the US government. Students may only use their student loan money for tuition, room and board, books, school supplies, and other things related to their studies.

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27. Loans to Parents

Occasionally, a student may ask their parents to try and qualify for a loan. Parents can get a student loan through the Parent Loan for Undergraduate Students (PLUS) program. Through this loan program, parents can typically borrow much more than their child can.

By getting a PLUS loan, students will most likely be able to cover the rest of the expenses that are not paid for with student financial aid. On a PLUS loan, interest accrues for the entire time a student is going to school. On these loans, parents are not required to make any payments on them until their child is no longer in school.

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28. Private Student Loans

Loans that are issued to students by a bank or a finance company, as well as investments that are not guaranteed by the government, are known as private loans. If you get a private loan, you will probably pay more than with a federal loan. These types of loans are usually the last resort for college or university students who have borrowed the maximum amount from federal loans.

You cannot qualify for an Income-Based Repayment plan under a private student loan. Your payment terms will be very rigid and come with more penalties and higher fees. The best thing about a private student loan is that you can probably get more funding than with a federal loan.

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29. Federal Perkins Loan

A Federal Perkins Loan is offered to college and university students as a way to pay for their tuition. It’s a need-based student loan that is given out by the United States Department of Education. During a 10-year repayment period, a Federal Perkins Loan carries a five percent fixed interest rate.

There is a nine-month grace period on this type of loan, so you don’t have to start repaying it until ten months after you graduate or withdraw from college. Because this is a loan issued by the government, students do not begin accruing interest until they start making payments. For undergraduate, the Federal Perkins Loan limit is $5,500 a year with a maximum lifetime limit of $27,500.

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30. Stafford Loan

Eligible college and university students can qualify for the Stafford Loan. This loan is also offered by the United States government and is guaranteed entirely by it. With a Stafford Loan, students will receive a lower interest rate than they would get with a private student loan.

Stafford Loans come with strict borrowing limits and eligibility requirements. These loans require a student to fill out a FAFSA form, and they must be issued by the United States Department of Education through their Federal Direct Student Loan Program. Students must be enrolled in school at least half-time to defer payments until after they graduate.

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31. Federal Direct Student Loan Program

The William D. Ford Federal Direct Loan Program, or FDSLP, is another loan program offered by the United States government to college and university students. It was initially signed into law in 1992 by President George H.W. Bush. As of 2010, after the Health Care and Education Reconciliation Act was passed, the Federal Direct Student Loan Program is the only government-backed loan program in the United States.

In 2008, the funding for the Federal Direct Student Loan Program increased to $17.8 billion. It was just $12.6 billion three years prior. This type of loan is most common in the United States, but it has been used in other countries as well. New Zealand now offers zero percent interest loans for students who have lived in the country for at least 183 consecutive days and can repay their loans upon graduating.

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32. Federal Student Loan Consolidation

College and university students who have multiple loans can consolidate them into one single debt. You can combine your PLUS Loan, Federal Perkins Loan, and Stafford Loan into one loan that’s easier to manage. This type of consolidation loan will give you a fixed interest rate for the entirety of the loan.

Students can choose a term that’s between 10 and 30 years. Your monthly repayments will end up being lower, but be advised that in the overall duration of the loan, you will end up paying more than you would for the other loans. Lenders will calculate your fixed interest rate based on the weighted average of the investments that are being consolidated.

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33. Disbursement

Federal Direct Student Loans get their funding from public capital from the United States Treasury. These loans originate from the US Treasury Department and pass through the United States Department of Education on their way to a college or university, then to a student. Over 6,000 technical schools, colleges, and universities are a part of the Federal Family Education Loan Program (FFELP).

The FFELP program serves about 80 percent of all schools in the United States. The FFELP represents more than 75 percent of the federal student loan volume. The Federal Education Loan Appropriations section of the FFELP was terminated in June 2010, so now all government-backed student loans come from the Direct Loans program.

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34. Debt Levels

As federal policies change, the amount a student can borrow on their student loans will change. Loan limits currently tend to be below the cost of the majority of four-year private universities as well as most public flagship universities. Many financial experts advocate for raising federal debt limits in order to reduce the interest charges of student debtors.

Experts believe that a student loan debt payment should not be more than 8 percent of a student’s monthly income after they graduate. Unfortunately, that doesn’t happen for most college graduates. Student loan debt is over $1 trillion in the United States with more than 7 million debtors currently in default on their loans.

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35. Repayment and Default Rates

College and university students are given an option when it comes to repaying their student loans. They can get a one, three, five, or seven-year default rates. Every school that receives Title IV funding from the government is required to list the three-year student loan repayment rate on the United States Department of Education’s College Scorecard.

On average, 10 percent of student loan borrowers default after three years and 16 percent default after five years. Because the US Department of Education only lists three-year default rates, it can be hard to know the statistics for sure. Students who don’t complete their degree tend to have default rates that are three times as high as those who graduated.

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36. Interest Rates

Interest rates on federal student loans are set and fixed by the United States Congress. Private student loans tend to come with much higher interest rates, and they will fluctuate along with the financial markets. Many private lenders will disguise the actual costs of their loans with special fees while offering lower interest rates.

Many private loans are linked with one or two financial indexes. This includes the British Bankers’ Association London Inter-Bank Offered Rate and the Wall Street Journal Prime rate. The overhead charges on these types of loans will vary based on a student’s credit history.

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37. Student Loans and Bankruptcy

If a college or university student finds that they are drowning in debt due to student loans, they may be considering filing for bankruptcy. Federal student loans in the United States and occasionally some private student loans can be discharged through a bankruptcy. The bankruptcy courts will only allow it in cases of undue hardship.

Unlike credit card debt, most student loan debt will not be absolved during a bankruptcy. If you find that you’d like to file for bankruptcy on a student loan, you will have to file a separate lawsuit. Through that lawsuit, you must show that you have an undue hardship and should have your student loan debt wiped away.

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38. Public Service Loan Forgiveness

The United States government created a program under the College Cost Reduction and Access Act of 2007 to help with student loans. The Public Service Loan Forgiveness Program (PSFL) was designed to give college and university graduates a way out of their federal loan student debt after they join the workforce. In this program, debtors pay off their balance by working in public service full-time.

Direct Loan borrowers make 120 monthly payments through the program while they work full-time for a qualifying employer to have the rest of their debt be forgiven. Borrowers have been able to apply for forgiveness since October 2017. As of March 2019, nearly 900 borrowers have had their student loans forgiven under the Public Service Loan Forgiveness Program.

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39. Eligible Loans and Qualifying Employers

The types of loans that qualify for the Public Service Loan Forgiveness program include Federal Direct Consolidation Loans, Subsidized and Unsubsidized Stafford Loans, and PLUS Loans. You can also combine an FFEL loan or a Federal Perkins loan into a Direct Consolidation. Private student loans are ineligible for consolidation as well as the PSFL.

Non-profit organizations, government agencies, and 501(c)(3) companies as defined by the IRS that provide public services are eligible for student loan forgiveness through the PSFL program. The individual duties of the job a person has do not influence whether or not they are granted student loan forgiveness. An acceptable employer must directly employ employees. Most contract employees, especially government contractors, are not eligible.

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40. Qualifying for Loan Forgiveness

You must make 120 monthly payments on time under a qualifying repayment plan to be eligible for the Public Service Loan Forgiveness program. Additionally, you have to be working full-time with an employer that is qualified through this program. You can choose from several payment plans, including an income-contingent repayment, pay as you earn option, and income-based reimbursement.

After making the 120 monthly payments over a period of ten years, the remaining balance on your loans is forgiven. If you make it 10 years and have been forgiven of your student loans, you will not incur any tax implications. As of this time, there are no limits to the amount of student loan forgiveness you can wipe away through the PSLF program.

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