School is finally out and nothing can be more nerve racking then knowing the amount of student loan debt you’ve collected throughout your hard working college years. Before you fly off the handle trying to manage your debt you’ve accumulated, try to develop a good plan of how to pay off your student loans. From first hand experience I know just how hard it is to manage student loan debt, especially if you graduate and realize you’re not making the amount of money you thought you’d be making. However, I worked with my lenders and developed a system of how to pay back my student loan debt within a timely manner. In order to pay off your student loans there are several ways of doing so, here’s what I did:
First you will need to start a system: Figure out who and what exactly you owe. Since you are now out of school your school financial aids office and your lenders have most likely sent you a notice by now. If not, then contact them and get the information you need. After your graduation you have a six month grace period in which you do not have to start paying on your student loans. However, it’s best to start paying off your debt as soon as possible, the quicker you pay it off, the less you have to worry.
Also you should know that there are student loan forgiveness options such as the Peace Corps, Vista, teaching, military service, social work and so forth. These are companies that you will have to provide volunteer work through or become a part of their program so they will help pay off a percentage of your student loans. This is really something to look for.
Personally I did not volunteer through these companies, I simply made monthly payments to my lenders until my loans were finally paid off. It’s as simple as that. As long as you keep making prompt monthly payments, whether it be your minimum or more you are on your way to successfully paying off your student loans.
If you have the money to pay back your student loans in full it’s best that you do so. This saves you tremendous cash without having to pay interest. There are many ways to pay off your student loans if you cannot provide a full payment at once. You can do an income based payment plan, which I did. This payment plan allows you to choose your monthly payment proportional to the amount you make. Usually with this type of payment plan you have 15 years to pay back your student loans.
There are several ways of paying off your student loans, I did it the most simple way you can possibly do. I chose the income based payment plan and picked a high percentage to come out of my check to pay off my loans. As the months and years flew by, I finally managed to pay off my student debt and what a relief it is. You can do it too!