How to survive student loans

by Dylan Ruffra
@drcards

In the year 2017, finances play into a lot of decisions in the field of higher education. There are many students who dream of coming to college but then realize the financial burden that it is going to cost them. For most students to even think about coming to college they have to start taking out loans. While these loans help students get a quality education, there can sometimes be a harsh aftermath. This month marks the ending to my grace period since I graduated last May and I wanted to share some of the tips I have been learning to help prepare me for my loan payments.
While you may be enjoying your time not having a monthly loan payment, it will help you in the future if you can make some payments early. These payments do not have to be big; any amount will help you in the future. The amount you can pay before your monthly payments, can take away from all that interest you had been accruing. If you do decide to make early payments, it helps to try to give the most money to the loan that has the highest interest rather than across the board payments. The biggest benefit of this is that it can start to lower your monthly payments once they start.
I think one of the most important ways to care of your loan is to look for different services that can help you through your loan payments. There are many different financial aid services that will help you refinance the loans that you have. This means they often take in different personal factors and look at ways they can lower your interest rate. Another thing that has been helpful to me is different apps that help me save money for payments. One of the apps I use, rounds up different purchases then save that money for an additional payment each month.
It can be great to have a low monthly payment each month, but if you can pay a little extra it will help you in the long run. When you can pay a little extra it will help you pay off the loan sooner.  For myself I would rather make bigger payments, for a shorter time then have to make small payments for a longer. This is a way you can help yourself in the future.
I am no way a financial expert, these are just some of the tips I have been learning. It is crazy to think that we don’t really think about our student loans until we have to start paying them. I wish when I was an undergraduate there was someone who made me start thinking about these. I think it is important students are educated about their loans before they graduate and have to start paying them.



Student Affairs - the First Years

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