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		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 fred@fredgruber.com www.FredGruber.com

February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018		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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