Student Loan Do's and Don'ts

Do you find yourself struggling to pay off your student loans? Learn about the dos and don’ts of managing student loan debt.

DO

PRIORITIZE PAYING YOUR LOAN BALANCE

After you graduate, look for a job. When you get a job, forgo splurging on unnecessary items. Instead, prioritize student loan repayment. Make more than the monthly payment. If you can pay more each month or make extra payments, then do so. You might need to sacrifice and do a lot of budgeting now, but you will thank yourself later.

UNDERSTAND YOUR LOAN TERMS

Be sure that you fully understand the terms associated with your student loans. Take time to research unfamiliar jargon or technical terms. Arming yourself with sufficient knowledge can help you avoid trouble later on.

HAVE A PAYMENT STRATEGY

Develop a plan to make it easier for you to pay off your student loans. Research repayment options, and understand your best course of action. A solid plan can keep you motivated as you move towards your goal of freedom from student loans.

DON’T

NEGLECT YOUR LOAN STATUS AND CREDIT REPORT

Make it a habit to check your loan status on your credit report. A consistent checkup will help you to avoid errors on record. If you do spot discrepancies regarding a missed payment or other inaccurate information, dispute them with the responsible parties right away. Make sure errors are corrected as soon as possible.

Student loans are hard to avoid if you want to get an education. But they also can hold you back for years by putting a strain on your finances. In fact, more than 44 million Americans are burdened with student loan debt.

Earning a degree is a great achievement. Facing tens of thousands of dollars in student loan debt after graduation is stressful. But with the right money mindset and planning, you can avoid being overwhelmed by your student loans.

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