School is in session, and excited high school graduates are preparing for a rewarding educational experience as college students. Once college is over, the dreaded student loan bill begins! Whether you’ve just graduated, are going into college, or have already started paying your student loan debt, these tips will help you keep your student loan debt under control. With finding a job being extremely difficult, you might feel as if you’re suffocating under a mountain of debt. Follow these tips to help keep your debt under control:
- Be knowledgeable about your loan! It’s extremely important to keep track of your lenders, balances, and repayment statuses for each student loan.
- Understand the grace periods attached to your student loans. A grace period is essentially how long you can wait until repayment begins after college. The grace period can vary depending on your lender, so it’s important to find out this information.
- Keep in touch with your lender! If you’ve changed phone numbers, addresses, or e-mail addresses, notify your lender immediately. This ensures proper billing documents and the similar records are always at your disposal.
- Pick a repayment plan that works for you! A lot of loans come with a standard 10 year repayment plan, but not everyone can afford this. You can extend your repayment plan for lower monthly payments, but remember that interest will build the longer it takes you to pay.
- Don’t panic! The best thing to do is to figure out how to pay your loans in a timely manner! If you’re struggling with finances, consider seeking advice from a CPA.
- Pay off your most expensive loan first. These loans have the highest interest rates.
The best way to stay ahead of stressful student debt is to start repaying as soon as you can. If you can afford to pay the interest of your loans while in school, you’ll get an excellent head start on what can be the most expensive monthly bill of your life. If you’re feeling burdened by your finances, consider seeking out the help of the best CPA in Hawaii; choose Michael J. Yuda CPA, LLC.