The Student Loan Quandary: 3 Tips to Chip Away Debt While Finishing Your Degree

 

  1. HammerIf Possible, Opt for Higher Monthly Student Loan Payments

    This idea may seem counter-intuitive because your goal lies in paying the smallest amount possible. Penny-pinching students may wonder; why worry now?

    However, once your 6-month grace period ends following graduation, interest rates begin to accumulate and snowball into even more debt than you originally envisioned, especially with unsubsidized and private loans.

    Set aside a small portion of your income every month and dedicate it to your student loan payment.  Even if it seems like an incredibly small amount, every bit counts, and will help ease the burden of future interest rates by incurring less overall debt.

  2. Check in with an Adviser/Counselor Each Term

    Periodic visits to your college-assigned adviser will not only aid in mapping out your future classes by semester, you may subsequently avoid enrolling in an unnecessary course. If it falls outside of your needed degree categories, you may potentially waste thousands.

  3. Visit On-Campus Seminars

    Intermittently, colleges will host seminars and workshops for various finance-related topics, most frequently in the fall. Check your campus calendar to see when these are being offered.  That one hour could present you with invaluable advice and otherwise hidden financial tips, particularly for student loan help.

Westface College Planning helps navigate the financial aid process from start to finish.  To learn how we can minimize college cost, call us at 650-587-1559 or sign up for one of our Tackling the Runaway Costs of College Workshops or Webinars.

Photo Credit: David Diaz

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