Let’s Talk About Loans

Written by: Brianna 

Let’s face it, dealing with loans is a complicated process that nobody wants to deal with. Realistically being a college student dealing with homework, school activities, outside hobbies and maybe even handling a job at the same time can be real stressful. Here are some practical tips that I genuinely thought would help make your gradual process a bit easier.

Loans…something we need to know more about before college.

I know you don’t want to hear this but, the truth is, the longer you put off paying toward your student loans, the higher your payments will be. So to avoid this problem it’s important to plan ahead and understand all the uninteresting details now.  For instance, if you have student loans, understanding your interest, monthly payment amount, how long steady periods are and when repayment starts is important to figure out your budget. 

That being said, you’ll need to earn enough income to afford your monthly payment. You should definitely consider making in-school payments to offset increasing interest. Even small payments of $25 a month while you’re in school can help save money over the life of the loan.

Think about it in the long run, yes, in this moment I know spending your paycheck is probably on your mind right now, but you will thank your future self for starting early. Here are some tips that you can start working on now!

•  Instead of spending everything you earn, you can consider making full or some payments to cut down on interest
  
•  Put the amount of your monthly payment into a savings account so you’re used to budgeting without that money.
  
• The bonus is that you’ll have a bunch of savings to rely on should you have a month when money is tight.
  
  I hope that some of this information, it will help you make easier decisions regarding paying for school, and will help you with planning your first years in the working world. 

 

Edited by: Kristina

#Finance #Money #Loans #CollegeStudent