Paying off Student DebtComment March 9, 2017 by Evan, eCommerce Specialist
Having to pay off student loans is no fun, anyway you look at it, but now that your college career is over (for now) the unpleasant reality of having to pay off your student loans is imminent. If you graduated within the last decade you probably owe between $20,000 and $37,000 in student loans (http://bit.ly/2dv4cIo). Paying off student loans myself, here are some tips I’ve found useful. I hope these allow you to feel less overwhelmed every time you look at your debt.
Each student loan varies per person, as there are many different types of loans, amounts owed, interest rates and repayment plans. I believe it is crucial to know all of the elements and variables of your student loan before you begin to calculate a financial plan to tackle this beast, which is your student debt.
The type of loan you have will determine the length of your grace period upon your college graduation. A grace period is the amount of time before you must make a student loan payment after your graduation. If you have a Stafford loan it is usually 6-months, or a 9-month grace period if you have a Perkins loan. This non-payment is designed to allow you time to acquire a job and begin earning an income, all while not accruing interest on your loan. However, I’d recommend not waiting the entire six months to start paying off your debit and start making payments right away! This will help you get a jumpstart on the principle and get somewhat ahead of the curve.
Another helpful tip is to try to put as much money as you can towards the debt in order to pay it off as quickly as possible. This means paying more than the minimum balance that is due every month and even paying more than once a month if possible. Lastly, make sure you live within your means and set aside the money that is necessary to pay off the debt. The last thing you want to do is get behind in your payments, so make sure to always track your payments and stay on top of the debt. If you follow these simple guidelines, I’m sure you’ll be in the clear and stress-free!