YOU Magazine - February 2019 - How to Balance Life's Expenses and Paying Back Your Student Loans
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Fred Gruber     Fred Gruber
Director / Principal / Broker
First Rate Financial Group
Phone: (800) 620-8802
License: NMLS #256707, CA-DRE 01455710
Corp. License: NMLS #1777223, CA-DRE 02075839
First Rate Financial Group
February 2019

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How to Balance Life's Expenses and Paying Back Your Student Loans

How to Balance Life's Expenses and Paying Back Your Student Loans

You've graduated and your adult life is about to begin. But having student loans hanging over you can feel incredibly daunting. It is possible to create a budget that allows you to pay off your loans and still live comfortably.

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.

Source: MyDomaine

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