10 Ways to Manage Student Loan Debt
If you’re worrying about how to deal with your student loans, you’re not the only one! Students who graduate from college end up with tens of thousands of dollars of loans to pay back, and that’s before they even get a job!
Here are 10 of ways to help you deal with your student debt:
- When you graduate, you have a grace period before the minimum payment must be made. Take advantage of that time to look for a job in your field.
- Organize all of your student loans. It’s possible that throughout the course of your studies that you got help from various loan institutions. Put them all together and go through them, jotting down the salient points of each one.
- Make a chart of your loan options, responsibilities and payment requirements.
- Even though you’ve graduated with a degree, don’t begin living in the lifestyle that you want to grow into. Continue to live as though you don’t have money to keep your expenditures down.
- With the money that you have, make a budget. Even if you don’t have an income, make a budget to categorize your basic expenses. This will help you understand how much you need to earn.
- If you don’t have cash for living expenses but you have a car, take out a car title loan to get you cash up front. Auto title loans are available with no credit checks.
- Look for a job, and get the highest paying one possible.
- Deduct the interest on your student loans when filling out your tax return.
- Consider moving to a city where the cost of living is less so you’ll have money to pay your debts.
- Don’t get tricked into credit card debt. Take on a pay as you go plan.
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