Tips for Paying Off Student Loans

College loans are one of the most common financial obstacles that people face in life. Whether you’re just graduating or have already begun repaying your student loans, you know how much of a burden they can be.

To help make the experience less stressful, see below for some tips to help keep your student loan debt under control:

Know your loans: First and foremost, it’s important to know and understand your loans. Meaning keeping track of the lender, balance, and repayment status of each. It’s also important to remember that different loans have different grace periods - meaning the amount of time you can wait after leaving school before needing to make your first payment.

Pick the right repayment option: When your federal loans come due, they’ll automatically be spread over a 10-year repayment plan. If this is going to be hard for you to cover, you can select a different method of repayment. Keep in mind that lowering your monthly payments will extend your repayment period beyond 10 years - this means you’ll end up paying more interest over the life of the loan.

Pay the most expensive loans first: If possible, look to pay off your loans with the highest interest rates first. Even if this loan isn’t the largest dollar amount, eliminating the highest interest rates will help you pay less in additional charges over time.

Don’t panic! Life happens and sometimes due to unemployment, health problems, or other unexpected financial challenges, managing your loans can become difficult. There are legitimate ways to temporarily postpone your loan payments, such as deferments and forbearance.

For more tips and information related to repaying student loans, click here »

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