Dealing with student
loan debt can be seriously tough. If you are considering getting a degree, are currently
studying, or are a graduate, you’re probably no stranger to the fact that
Americans now owe a massive $1.3 trillion in student loan debt, and this is an
amount that’s growing at an alarming rate. On the up side, it means that more
of us are choosing a university education. However, the necessary financial
burden of improving your qualifications with a degree or master’s degree can be
enough to put many students off following their career goals. The good news is,
that there are some things that you can do to reduce your student debt burden
and make it easier to manage. These include:
<h2 #1. Study Online:
Have you graduated
from college and want to further your education with a master’s degree, but are
struggling to justify the additional cost of attending graduate school? If the
career choice of your dreams requires a master’s qualification such as an MBA,
putting yourself in extra student debt can be tough. Studying online is a great
way to get around this. The flexible, self-led nature of programs such as this
one – rel=”noreferrer noopener”>https://online.redlands.edu/programs/online-mba – gives
you the space to work full-time to pay tuition, and with the price coming in at
around one-third less than a traditional master’s degree, you might not even
have to take any more student loans out.
<h2 #2. Take
Advantage of Your Grace Period:
Depending on the type of loan that you have taken out, your lender may
offer you a grace
period after you graduate or stop attending college, where you don’t need to
make any loan repayments for some time. However, while it’s tempting to just
try and ignore your student debt at this point, it’s the best time to get to
grips with fully understanding your loan, make a plan, and if possible, start
making some repayments. By making repayments now, you will already be in the
financial habit of doing so once your grace period is up – and your owed amount
will be smaller.
<h2 #3.
Understand Your Payment Options:
Bear in mind that there could be several different payments options
available to you when it comes to repaying your student loans. Some loan
lenders will offer the chance for you to switch to an income-based payment
plan, which allows you to pay more or less back each month depending on what
you are earning. If you’re in between jobs or returning to college to study for
a master’s degree, it’s a good idea to look into the option of a temporary
deferment, too.
<h2 #4. Stick
to a Budget:
After college, you’re probably already used to sticking to a tight
budget – so try to continue living the college lifestyle as much as possible.
Find the cheapest deals, shop around, and reduce your monthly expenses as much
as possible. Create a
budget that allows you to save some money if possible while making payments to
your student loans and any other debt that you may have incurred in college,
such as credit card debt.
For many students, debt is an essential part of getting a degree – but
don’t let debt get you down!
