Paying Back Student Loans by Maddie Bankosh

There are three main approaches one may take to pay back their student loans; standard, income driven, and extended.  Standard would be paying a set amount per month, like 50 $ or more.  This plan is beneficial because it generally takes less time to pay off your loans, meaning you’ll have to pay less interest.  A disadvantage would be that you have to invest more every month, taking away from the amount you can spend on necessities. Another approach is income driven.  With this you would pay 10-20% of your income to pay off your debt.  An advantage is that lower monthly payments allow you to use more of your income, but a disadvantage is that a longer term can mean that you end up paying more overall.  Lastly, there is the extended approach.  With this, you either give a smaller fixed amount or graduated payments.  This plan can be a good option to people who have an income but are struggling to pay off their debt.  However, the extended time frame means that you pay more in the long run.

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