Thanks for voting!WOO-HOO! You’re a college grad. We hope you learned a ton, made great friends and are psyched to join the real world. But today’s cost of a college education means you likely stepped off the graduation stage with some empty pockets. The culprit? Your student loans. But don’t stress too much yet. You’ve got a little time to figure out a smart payback plan. Besides finding a good job (oh yeah, that), you’ll need to start making student loan payments in 6 months. Check out these money-saving tips from FOX BUSINESS to help you manage this new-found debt quickly, calmly and wisely.
What else can you do? Make sure you understand that your student loan debt (no matter what the amount) comes at a price. It’s called interest. And all that interest begins to add up to real dollars pretty quickly. So be savvy about how you approach paying off student loans – make them a financial priority. Trust us when we say that a well-planned repayment strategy will cost you less money down the road. Plus, it’ll make you look like a smart borrower to future lenders. Important stuff when it comes time to make larger purchases like cars and homes. Stick to the plan and enjoy your new life post-college.
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Students loans are a hassle to pay back especially if you studied abroad for a year or two like myself. However, when you find that career you always wanted, which syncs everything you know and understand, it should be a humble reminder that your student loans were for a soulful purpose.
Find an amount just above the minimum payment and pay that. For example: I have about $16,000 outstanding with a monthly payment of $188. But I make some other choices like not going out to eat as much, not having XM anymore, and getting rid of my Netflix, so I am able to pay $225 a month (only an extra $47 a month). Over the course of the year I make about an extra 2 1/2 months of principal only payments. That translates into less money I towards interest and more money in my ING Savings!
One more thing to add. Since I am used to paying a little extra each month, if an emergency does come up where I need to trim a little of my monthly expenses I can drop down to the minimum payment and reallocate the extra cash if need be.
Student loans are bullshit to me I went to school to become a Pharmacist and now I owe soooo much money…My whole point is that u should not even have to pay to go to school at all….It should be free to attend any school or college……