Introduction: So, after graduating from college or university you may think that you can now heave a huge sigh now that all the school work is over. But the end of school is just the beginning. You'll soon find out as you are thrust into the real world that there are a lot more things that need your time and attention - and that includes your student loans. They're virtually inescapable, and that is why it is important to pay your student loans the soonest time possible
Difficulty: 5
Things You'll Need: a calculator, a planner, a note pad, a tight belt, strong will power
Step 1: Determine your debt and come up with an estimate. First you need to know how much money you owe and to whom you owe it to. In most cases, there are usually more than two loans owed separately. So you need to figure out all in all how much your individual loans are and how much it is in total. By listing it down, you will be given an idea on how much you are eventually going to pay in the future.
Step 2. Pay as soon as you can. Some people even start saving up while they are still in college. You can start paying your student loans right after college. While there is that thing called a grace period (basically 6 to 9 months right after you graduate) before you start paying your debts, if you can start paying your debts right during that time - then by all means, do so.
Step 3. List down all your student loans (if there is more than one), and arrange them in biggest interest rate. After you're done with the first one, move on to the next, but continue to make payments with the same amount. You'll be surprised at how quick you will be able to pay off the other loans with just the same amount.
Step 4. Make More Money. Find other ways to make more money apart from your day job. You can write articles or do transcription jobs at home during your free time. You can donate blood, or sell old clothes and other items on ebay. The proceeds of your extra income should all go to your loans as well.
Step 5: Set aside half of your extra earnings. Supposed you are to get a commission or a Christmas bonus, spend one half for the things you want, and the other half for your student loans.
Step 6. Keep your efforts consistent by paying your lender the same amount each week or monrth, and keeping all your payments on schedule. Sometimes when we stop doing something for awhile, there's a huge chance that we'll eventually flub in our future efforts. Write down the payment dates and amounts on your wall calendar or daily planner and follow them.
Step 7: Live economically. Never overspend on the things you ONLY want but doesn't really need. Save up if you don't really need to buy things. Your extra money should go a long way.
Tips:
- Start paying your student loan immediately.
- Don't wait before the grace period ends before you start to pay your loans. Make use of that time to accumulate money already.
- Buy yourself something nice every once in awhile so as to to keep you motivated.
- If you need financial assistance then get some.
Warning:
- Avoid borrowing money again. Try to pay off all your student loans from your own earnings and not from another loan or debts from other institutions.
- If your student loans are way too much for you to pay, don't quit on it immediately. Try to make arrangements to the person(s) you owe money from and see if there are things you can do to hold off or delay your payments.
Resources: www.soyouwanna.com/site/syws/loans/loans.html www.wikihow.com www.youcandealwithit.com/...pay_student_loan/index.shtml www.kiplinger.com/.../how-to-repay-student-loans.html - 29866
Difficulty: 5
Things You'll Need: a calculator, a planner, a note pad, a tight belt, strong will power
Step 1: Determine your debt and come up with an estimate. First you need to know how much money you owe and to whom you owe it to. In most cases, there are usually more than two loans owed separately. So you need to figure out all in all how much your individual loans are and how much it is in total. By listing it down, you will be given an idea on how much you are eventually going to pay in the future.
Step 2. Pay as soon as you can. Some people even start saving up while they are still in college. You can start paying your student loans right after college. While there is that thing called a grace period (basically 6 to 9 months right after you graduate) before you start paying your debts, if you can start paying your debts right during that time - then by all means, do so.
Step 3. List down all your student loans (if there is more than one), and arrange them in biggest interest rate. After you're done with the first one, move on to the next, but continue to make payments with the same amount. You'll be surprised at how quick you will be able to pay off the other loans with just the same amount.
Step 4. Make More Money. Find other ways to make more money apart from your day job. You can write articles or do transcription jobs at home during your free time. You can donate blood, or sell old clothes and other items on ebay. The proceeds of your extra income should all go to your loans as well.
Step 5: Set aside half of your extra earnings. Supposed you are to get a commission or a Christmas bonus, spend one half for the things you want, and the other half for your student loans.
Step 6. Keep your efforts consistent by paying your lender the same amount each week or monrth, and keeping all your payments on schedule. Sometimes when we stop doing something for awhile, there's a huge chance that we'll eventually flub in our future efforts. Write down the payment dates and amounts on your wall calendar or daily planner and follow them.
Step 7: Live economically. Never overspend on the things you ONLY want but doesn't really need. Save up if you don't really need to buy things. Your extra money should go a long way.
Tips:
- Start paying your student loan immediately.
- Don't wait before the grace period ends before you start to pay your loans. Make use of that time to accumulate money already.
- Buy yourself something nice every once in awhile so as to to keep you motivated.
- If you need financial assistance then get some.
Warning:
- Avoid borrowing money again. Try to pay off all your student loans from your own earnings and not from another loan or debts from other institutions.
- If your student loans are way too much for you to pay, don't quit on it immediately. Try to make arrangements to the person(s) you owe money from and see if there are things you can do to hold off or delay your payments.
Resources: www.soyouwanna.com/site/syws/loans/loans.html www.wikihow.com www.youcandealwithit.com/...pay_student_loan/index.shtml www.kiplinger.com/.../how-to-repay-student-loans.html - 29866
