How to repay student loans
There are many resources for new graduates so that they can pay off their student loans, so take it upon yourself to learn as much as you can on loan forgiveness, and consolidation.
The most important thing is that you don’t forget any of the loans! Sometimes, the students have several lines of credit at various interest rates, and they simply forget they borrowed money from some of the institutions.
The main thing is to NOT DEFAULT on your loans!! The banks will work with you on your repayment if you communicate with them on your situation.
- Make a list of all your loans and put them into a spreadsheet
- Make a payment plan and communicate with those creditors
- If there are too many loans and you can’t tackle them all at the same time, you can put some of them on a deferment (just know that the interest will still accrue), and pay those with the higher interest rate first
- If you are more comfortable you may consider consolidating them all into one loan so that it is easier to manage. This will stretch out the loan term, but it will lower your payment.
And, lastly, when you make a repayment plan, and you are happy with it stick to it and in just a few years you will be student loan free!!
And, for an extra tip…. Get a part time job and use that money to help you tackle your students loan debt and pay off your loans in record time.
