You have worked tirelessly to earn your degree. The future seemed bright with a promising career in the field you have chosen. The only lingering problem is those student loans. That necessary debt was once a tool, but know is an albatross around your neck.
To get where you are today costs tens and even hundreds of thousands of dollars of borrowed funds. Now, you leave the hallowed grounds of your university, and the bank wants that money back.
Now, managing this debt can be an overwhelming task, but not an impossible one. Here are a few pieces of advice to relieve some stress and help you gain some control.
- Look for ways to lower your interest rate and pay off the debt early. The government has incentives for those in public service that can reduce or even pay off your loans. These can change at any time, so keep referring back to these programs.
- Look into REPAYE (Revised Pay As You Earn Plan) from the department of education. The program is designed to help manage your loan payment amount.
Lastly, stay organized. Know what you have and know what you are paying. You cannot get help if you are not aware of the details.
Remember, take a deep breath and stay calm. You will get your student loans paid off if you remain in control and stay focused. Remember that feeling of receiving your diploma? That sense of accomplishment? Just think how rewarding it will feel when you receive that letter from your lender saying, “Congratulations, your loan balance is zero!”