web analytics
Don’t Hide From Student Loan Debt

Don’t Hide From Student Loan Debt

Posted on 09. Oct, 2015 by in Financial Planning

For students who have just graduated college, there is the euphoria of having completed such a monumental task coupled with the stress of moving into the real world, finding a job, and dealing with student loan debt. Here are some steps you can take to make the loan repayment process a little lower on the stress meter.

Take Inventory

After graduation, most borrowers get a six-month grace period before they have to start paying on their student loans. That means there is a finite amount of time to get a job and put a payoff plan in place. The best way to start getting rid of= the burden of student loans is to be proactive. Don’t wait for the lenders to call. Get updated balances from companies and arrange for a payment plan that is the most ideal for you.

Check Options

The standard approach for repayment of student loans is a 10-year process. However, for students who are not able to find a job immediately out of school, this may not be a feasible plan. The federal government offers a variety of deferral options or a pay-as-you-earn program that might be a better fit.

Figure Out What You Can Pay

Depending what kind of job students get right after college, their ability to make a certain payment each month might be limited. In that case, consider a consolidation loan that puts all the balances under one umbrella and offers a little more flexibility in terms of the actual payment amount. Then, when you get a higher paying job, you can increase your monthly payments.

What Not to Do

No matter how difficult it seems to make your payments, do not just ignore the debt. Delinquent payments can ruin your credit and cause additional stress.

There is no easy fix to paying off student loan debt, but getting a college degree took a long time, too. With vigilance and determination, you can eliminate your college debt.

Share Button

Tags: , , , , ,

No comments.

Leave a Reply

CommentLuv badge