Sponsored by Docupop:
Early on, we’re told about the importance of pursuing a degree to thrive in the job market as adults. In college, our professors encourage us to become entrepreneurs and seek out leadership opportunities. When we graduate, we realize how heavy the luggage of student loan debt really is. Suddenly, people tell us that we shouldn’t start our own business until our debt is paid off.
Does that mean that we’re just supposed to give up our dreams of starting our own business because of student loan debt? Not at all! Here’s your guide to start a business, even when you have student loan debt.
Starting from day one, be prepared that launching your own business will be costly. All of your savings will most likely go toward supplies, rent, bills, and additional costs. In addition, you’re probably looking to reach out to lenders and investors in the near future. In order to secure a good cash flow, you might want to consider consolidating your student loans.
Consolidate Your Student Loans
To find out which plans suit your income best during your start-up time, you might want to check out Docupop. Docupop is a third party student loan doc-prep company with experienced student debt specialists that can help you find the best plan for your budget. After you find out which plans you personally qualify for, Docupop then helps you file all of the required documents needed to enroll. This way, none of your time is wasted on paperwork, which allows you to get back to your business.
The following plans could give you more financial flexibility toward your business if you qualify.
Income-Driven Repayment Plan
By enrolling in an income-driven repayment plan, your monthly payment will be adjusted based on your annual income and family size. Therefore, you could be looking at a lower monthly payment, which means more investment toward your company.
Student Loan Forgiveness
Depending on your background, you could get a portion of your debt wiped away altogether. Veterans, nurses, and police officers, are just a few that may qualify. Do your research to see if you qualify and ensure that you don’t miss out on any potential forgiveness opportunities that could benefit you and your business.
Build and Maintain Good Credit
Stay on top of all your credit card bills, utilities, and car payments to make sure your score won’t hold you back when you’re getting involved with investors. Lenders and investors check your credit score to ensure you’re worth investing in.
Find a Mentor
Seek professional help from those who made a successful company in the past. Reach out to your contacts, go to networking events, and build relationships with people that have years of experience. Let them give you advice, and learn from their mistakes. Collaboration is key to success.