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How to Keep your Student Loans from Driving you Crazy

If you’re like almost 70 percent of students out there, you’ve borrowed money to finance your education.1 And owing money—even when it’s for a great reason like your education—can be stressful. But here are a few ways you can keep those student loans from driving you crazy.

Set aside money to pay them back even before they’re due. Even though you’re not required to begin paying off your loans until after you complete your program or leave school, you can start saving for them right now.2 Consider ways to save money and set aside that extra cash exclusively for your student loans. You can start by tossing change and small bills into a jar in your home. When it’s full, transfer the funds to a bank account so you’re not tempted to borrow from your growing stash.

If you have begun paying your loans, make them a part of your monthly routine. Authorize an automatic deduction from your bank account so you never miss a payment. Just be sure that you always have sufficient funds to cover the debit. If you can’t set up autopay, then plan to write a check for the amount due the same time you write another recurring payment due around the same date.

Don’t skip payments. As difficult as it may be sometimes to make those payments, do not default on your student loans. Nothing will drive you crazier than getting harassed by aggressive collection agencies, paying penalties and interest unnecessarily and wrecking your credit score.

Consolidate wherever possible. Paying a bunch of loans for your education can be confusing and stressful. If you have more than one loan, find out whether or not you can combine them into a single note, choosing the one with the lowest interest rate, if possible. If you can’t take advantage of low rates, be sure to pay off the loan with the highest rate first.

Use extra money to pay down your loans. Did you know you can begin to pay your loans before they’re due? If you get a bonus, earn overtime or come into some extra cash, don’t spend it. Invest it. Your education is an investment in yourself; the sooner you pay off its cost, the sooner you’ll be able to reap its rewards.

We know that you have a lot on your plate. Worrying about your student loans doesn’t have to make you crazy. Make regular payments, put extra money toward them when you can, and if you have questions about financial aid at Charter College, contact us today.

 

1 http://ticas.org/posd/map-state-data

2 https://studentaid.ed.gov/sa/repay-loans/understand#when-do-i-begin