Tips for Managing Your Student Debt | Refresh Financial

Tips for Managing Your Student Debt

So you’ve made it through your degree and now you’re faced with real-world problems. Don’t worry, it happens to the best of us – so take a moment to enjoy your freedom before you face the necessities of life. Now, once you’re through that phase of relaxation, be sure to take a look at these tips for managing your student debt. You’ll be better of because of it, trust us.

Take Advantage of your Grace Period

Still looking for work after graduation? Take advantage of any grace periods offered by your lender, whereby you aren’t required to make payments towards your loan for a specified period of time. If you’ve found work, do the adult thing: pay them anyway.

Understand your Loan

Let’s face it: when that 18 year old you took at that loan, you certainly signed on the dotted line, but chances are you didn’t read the fine print. Take some time to talk to your lender after you graduate to truly understand your loan and what your options are. You may be able to adjust your payments based on what you are earning, and there may even be an option to defer your payments temporarily in emergency situations.

Explore Student Loan Consolidation

If you are having trouble keeping all your ducks in a row – ie. all your different loans – consider undergoing student loan consolidation so that you have just one payment to make each month instead of several. This option can often help bring down your monthly payments and the interest you are paying as well.

Set a Reminder

Once you have all the details about your loan in your back pocket, take extra measures to ensure you NEVER miss a payment. This can be as simple as asking Siri to remind you to pay your loan on the 1st day of each month – or whichever day your loan payment falls on. If that won’t work for you, you can also sign up with your bank for auto-debit so that the payments come out of your account without lifting a finger.

Stick to a Budget

One of the best tips for managing your student debt? Sticking to your budget! Just because you’re graduated and out of your dorm room now, don’t go into a wild tantrum of consumerism, purchasing everything you lay your hands on. Allow yourself to transition into your new life responsibly and within your budget.

Deduct Student Loan Interest

When tax time rolls around, don’t forget to deduct your student loan interest to bring your taxes down. You can find all the information for doing that correctly here.

Well, now that you’re out of the woods, you’re into the world of being an adult and taking care of things like debt repayment. But, don’t worry too much: as long as you follow these tips for managing your student debt, you should be just fine.

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