Debt Repayment – Student Loans

Nothing feels better than paying off debt.  It is a huge load off of our shoulders and our minds.  Debt is one of those things that nags at us, often subconsciously, throughout our daily lives.  It plagues most of us and causes a lot of strife within our relationships. 

We all acquire debt for many different reasons.  Medical expenses are the most common.  Then there is consumer debt – auto loans, credit cards, payment plans, etc.  Mortgages and student loans are big ones too. 

Student loans are a great investment in your future but they have to go.  You could spend the better part of your career paying those off if you only make the minimum payment every month. 

If you already have student loans then map out a repayment plan that fits in your budget and work your way to getting them paid off.  Even though the interest seems low and the payment as well it will look much better on your credit report if that debt is resolved rather than lingering overhead. 

If you are planning to acquire student loans remember they have to be paid back and the first payment is due six months after you leave school.  Don’t take on too many loans and watch those interest rates.  Make sure you receive those loans from reputable companies with fixed interest rates and payment schedules. 

Remember too that you may not be paying back on one lump sum but multiple loans with multiple payments due at once.  You could easily find yourself in serious trouble by owing several payments equal to a larger amount than you anticipated. 

My best advice is to use student loans as a last resort and in moderation.  Sticking with the same company will help you to work with one creditor and make suitable pay back arrangements that will work for both of you.  And always, read your paperwork thoroughly before you sign it!