How to Live Life Even With Student Loans (By: Rita M)




So you decide to invest in a higher education only to come out drowning in student debt. The amount you owe is absolutely crippling and you might think that you’ll be in debt forever. Well, you will be if you don’t follow these simple tips on how to tackle student loans after college.

First, as much as possible take out federal, not private, loans. Federal loans are more flexible with repayments plans.
This takes us to to the most important tip: choose the repayment plan that is right for you. Understand the basic federal repayment plans:

  1. Standard Repayment: pay your student loans within 10 years. This option will save you the most money because interest won’t be building up as much. But, it can be crunch time paying your monthly dues.
  2. Graduated Repayment: pay your student loans within 10 years but your payment will start small and then increase every two years.
  3. Extended Repayment: pay your student loans within 25 years which equals to a  lesser amount in monthly dues. But, interest will cause your intitial loan amount to accumulate even more.

Finally, if you’re having trouble paying that monthly bill, speak to your lender about your options.

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