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Real Estate Blog

Student Loans

Tuesday, July 25, 2017

Beat Those Student Loans!

 

            Even if they’re financially savvy, a lot of Americans continue to carry student loan debt with them for years after they’ve graduated from college.  Use these strategies to shake off that heavy financial burden:

 

  • Make it a priority.  Yes, you have a lot of bills to pay, but focus on paying off student loans so you can turn your attention to saving for retirement.
  • Create a repayment plan that works.  Make sure the date your student loan payment is due works with your monthly budget, and consolidate your loans so you only need to make one monthly payment.
  • Focus on variable private loans.  The interest rates on these loans can quickly change, so pay as much toward them as possible while also putting at least a minimum monthly contribution toward fixed-rate federal loans.

Sign up for auto-deductions.  If you opt for auto-deductions, you won’t accidentally miss a payment date.  Plus, all government and some private lenders charge a slightly lower interest rate if you pay this way.


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