Student Loan Debt 101

If you’re a recent college graduate that borrowed student loans, you might be starting to realize what you signed up for. Nearly three-quarters of students graduate with student loan debt. If you’re one of them, it’s important to include your loan debt repayment in your financial planning.

The first step to paying your debt is learning all of the terms and conditions of your student loans. Do you have private or federal loans? Are your loans subsidized or unsubsidized? Do you have a grace period after you leave school? If you do, take advantage of that time and set money aside so you can be prepared when your first payment is due.

While it might seem convenient, try your best to avoid deferring your loans. In most cases, your loans will continue to accrue interest even when they’re on hold. Once you determine how much you’ll be paying towards your student loans each month, calculate that payment into your monthly budget. Creating a budget is one surefire way to get your finances on track! 

Check out this video from Better Money Habits for more tips and information about your student loans.

 


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