Tips On Paying Off Your Student Loans

Tips On Paying Off Your Student Loans



Tips on​ Paying Off Your Student Loans
As a​ college graduate,​ you​ likely are focused on​ landing your first job,​ finding a​ nice place to​ live and settling into the​ real world .​
If you​ graduated with a​ substantial amount of​ debt,​ however,​ you​ would be wise to​ spend some time mapping out a​ strategy for paying it​ back as​ quickly as​ possible .​
According to​ a​ recent study by the​ U.S .​
Department of​ Education,​ 26 percent of​ college graduates borrow at​ least $25,​000 to​ pay for their college educations.
Today,​ many students are graduating from college with a​ significant amount of​ debt,​ but are unprepared for how to​ deal with it,​ said Dick Willey,​ president and chief executive officer of​ American Education Services,​ a​ national financial aid services organization .​
AES hosts www.youcandeal withit.com,​ designed to​ help college students and graduates become financially responsible .​
Here are some tips from AES .​
* Consolidate .​
Consolidating your loans can reduce your monthly payments and potentially lower your interest rate .​
AES recommends that you​ look into this option as​ soon as​ possible to​ lock in​ a​ low interest rate .​
When you​ consolidate,​ you'll get just one bill per month,​ which makes it​ easier to​ keep track of​ your payments.
* If possible,​ make payments during your six-month grace period .​
This is​ a​ great way to​ save money on​ your subsidized loans because any payments you​ make will be applied directly to​ the​ principal balance .​
This lowers the​ amount of​ interest you​ will owe after the​ grace period expires .​
Plus,​ you'll be able to​ pay off your loan months earlier than you​ expected.
* Use direct debit to​ help you​ pay your loans on​ time every month .​
Direct debit is​ a​ free,​ automatic payment service for borrowers who prefer to​ make their loan payments electronically .​
If you​ use this service,​ you​ also may qualify for an​ interest rate reduction after a​ specified number of​ on-time payments.
* Make everyday expenses count toward repayment of​ your loans .​
When you​ join Upromise,​ participating merchants will contribute a​ portion of​ what you​ spend with them to​ your Upromise account,​ which you​ can use to​ help pay off your AES-serviced loans.




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