College grads...it IS possible for you to make it in life after college classes are a thing in the past andstudent loans are ready for you to pay up!
According toThe Independent, you’ve gotta do this:
- Know your loans.- Know how much you borrowed and the interest that’ll be accumulating. If you can lower the interest by enrolling into the auto pay plan,do it!
- Know your grace period.- Right after you get that degree, you probably won’t have to make payments for about six-months, and no interest will be added. BUT any payment that you do make will go straight to the principal. Keep that in mind.
- Stay in touch with your lender.- Build that relationship, so if you ever do get into a bind, they’ll be more willing to work with you.
- Don’t panic.- This is one of the WORST things you can do because it doesn’t get your bills paid.
- Stay out of trouble.- Aka don’t be late with your payments. You’ll get hit with a late fee,and that’s more money that you’ve gotta pay back!
- Lower the principal.- The quicker you get this down, the less interest will build up. That means less money you’ll have to dish out.
- Pay off the most expensive loans first.- Once you get that monster $70-thousand loan with the 7.6% interest out of the way,you can focus on the baby ones.
- Consolidation.- There’s no need to have five-loans with five-different companies. Combine them so you can send your payments to ONE-place. If you pay them all individually, they’re probably gonna suck more money out of you.
- Loan forgiveness.- Although some people luck out with not having to pay their loans back,these are special cases.Don’t hold your breath that you’ll luck out on this, too.
Source:The Independent