13 Jun How to Pay Back Student Loans Without Stress
College graduation brings a lot of different feelings for undergraduate students. Graduating is exciting, and it makes you and your family really proud but it also sends great fear through you. Now that you’ve graduated, it’s time to start paying back your student loans.
Paying off student loans can be stressful but with a few tips, your stress level will stay at a minimum and you will have your loans paid back as quickly as possible.
1. Start paying your loans back while you’re still in school.
Many of the loans that students take out accrue interest while they’re not being paid back. This means that even though they might be deferred until after you are out of school, you still have to pay the interest while you are in school. So if you have the extra money, start paying your loans back while you are still in school. You won’t have to pay as much interest, and you will finish paying them back sooner.
2. Pay more than your minimum monthly payment.
Again, this is only if you can afford it. But if you can, it’s always a good idea to pay back more than what is required in your monthly payments. This will also help you to get your loans paid back sooner.
3. Negotiate interest.
Interest rates on student loans can get very high. If you are worried about all of the interest that you will have to pay in addition to the loan, call your lender and try to negotiate the interest rate. You might be able to get a lower rate and save some money!
4. Sell things you don’t need.
If you have a bunch of extra things lying around after graduation, sell them. Make a purge and earn some extra cash that you can put towards your loans. Selling your extra stuff is a simple and easy way to make more money to get your loans paid off.
5. Use your graduation money.
As a recent graduate, chances are that many of your family members and family friends have given you money as a graduation present. Take advantage of that! Use the extra money to make a dent in your loans. Put all of it towards paying them back. It might not cover a lot, but some is better than nothing.
6. Don’t bite off more than you can chew.
While starting to pay your loans back early and/or paying more on your monthly payments can be a great way to get your student loan debt under control, it can cause more problems than it’s worth. Be careful. If you don’t have the money, don’t try to spend it, putting yourself further into debt.
Paying back your student loans doesn’t have to be stressful. Keep it simple and pay back at your own pace.