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Director / Principal / Broker
First Rate Financial Group
Phone: (800) 620-8802
License: NMLS #256707, CA-DRE 01455710
Corp. License: NMLS #1777223, CA-DRE 02075839
How to Balance Life's Expenses and Paying Back Your Student Loans
Step 1: Take stock of how much you owe, including the interest. Many people forget to do this. They lose track of how much they borrowed, how much they owe, and even who they borrowed from. A repayment calculator is a useful tool to compare possible repayment plans and strategies.
Step 2: Budget for your long-term financial goals. Do not put your life on hold because you owe money. Set financial goals, whether those include wanting to buy a home, going back to school, or starting a business. Although paying off a student loan may make your financial goals more challenging, it is possible to achieve them.
Step 3: Create a budget and plan. Decide which loans to pay off first and how aggressively you want to pay them off. Private loans typically have higher interest rates than government-backed loans. You may decide to pay the private loans off first. Create a budget that will work for you. If you find it difficult to create a realistic budget, make use of the financial counselor from your college or from a trusted online source.
Step 4: Don't panic. After working out the details, you may still feel overwhelmed. But remember to set aside money for an emergency, retirement, and even a vacation fund. By making the minimum payments on your student loan, you can take full advantage of the features of the loan.
Do not let your student loans consume your financial life. Work out what you owe, budget, stick to your plan, and don't spend unnecessary time worrying about what you owe.
First Rate Financial Group is Licensed by the California Department of Real Estate - #02075839, NMLS #1777223
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|First Rate Financial Group
3027 Townsgate Road, Suite 110
Westlake Village, CA 91361
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