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5 Strategies to Maximize the ROI on your Student Loans

College is supposed to be a time that you gain a higher education, and learn new skills that you can carry forward into your career. The goal for most people is to have a higher earning potential after all of the hard work, time and money that is invested in going to college. The higher income helps to provide you with a higher return on your investment as you enter the workforce. If you were not among the few that were able to pay their college tuition outright and had to take student loans, your ROI will be lower until the loans are paid off. In order to accelerate the process, there are some simple strategies to increase your ROI quicker.

1.آ  Choose the Right Major

Choosing your major in college can seem daunting ق€" how do you choose from so many opportunities? How do you know what will be right for you in four to six years from now? If you are worried about maximizing your ROI on your student loans, try to opt for the majors that are known to pay more. According to the Center on Education and the Workforce at Georgetown University, the difference in salaries for new graduates can dramatically vary. For example, a major in Counseling Psychology starts with an average salary of $29,000 while a Petroleum Engineer has an average starting salary of $120,000.

2.آ  Network Often and with Different Groups

Networking is crucial to your success outside of college. The more people you meet, the more opportunities that will come your way. You can network with alumni groups, your local communityق€™s chamber of commerce, and various organizations throughout your area. The more you get out there and make a name for yourself, the more opportunities you will have for others to pass your name along. You just never know when you will meet that one person that has the connection that will land you that high paying job.

3.آ  Use Social Media to Further your Efforts

Social media is similar to networking, yet you network virtually, rather than in person. Join sites like Facebook, LinkedIn, and even Pinterest to get your name out there in more places than is possible to do in person. Remember that social media can be misconstrued in many ways, so make sure to give careful thought about anything that you post because you canق€™t take it back and you never know who in the professional world will see it. On a good note, however, social media can connect you to someone that you never would have met in person and can help you land your dream job.

4.آ  Make the Most of your First Job

Your first job out of college might not be the dream job you always thought you would have, but that does not mean that you should dread going to work every day. Instead, make the most of the job by doing your best and networking while you are there. There is no better place to get to know others and get your name out there than by being in the workforce, showing your talents and your worth to others in the hopes that you are able to step up the corporate ladder in a timely fashion.

5.آ  Stay Marketable

Even if you are unemployed or looking for the right job while working at another job, always stay marketable. The business world is ever changing, which means you will have to change your strategies and stay on top of your ق€œAق€ game. Stay educated by reading industry publications and attending seminars given by prominent speakers. The more educated you are, the more marketable you become, getting you one step closer to that job that is going to net you an incredible return on your student loan investment.

Getting a return on investment on your student loans will take some work on your part. Your ROI will be lower than a student that graduates with no loans, but in the end, you can come out the same if you maximize your ability to get ahead. The harder you work and the more applicable work experience you have, the higher your ROI will be in the end.