College Loans

Graduating from college is an exciting time! It’s a time to start looking for work and to feel like a real, accomplished adult. Unfortunately, though, if you had student loans, it’s also a time to start paying them back. With most loans, you’ll automatically get a six month deferment after graduation, but that doesn’t mean you shouldn’t be taking smart steps toward repayment in the meantime. 

First of all, make sure you update all of your contact information so that your lender can reach you. A lot of people forget to provide their new post-college address to their lenders. If your plans are still up in the air, try and find a permanent address you can use, such as your parent’s address. And don’t think that you can get away with not making payments if your lender can’t reach you. You can’t, so it’s in your best interest to provide accurate contact information and maintain good communication with your lender.

Something you may want to consider with your student loans is consolidation. This option will allow you to merge your subsidized and unsubsidized loans into something you can pay in a single payment. Many people find this option easier than keeping track of multiple payments in varying amounts each month. You can talk to your lender to learn more about this option and whether or not it might be a good fit for you.

Whether you consolidate or not, you will definitely want and need to take steps to start paying off your student loans as soon as possible. These loans will haunt you forever if you don’t make efforts to pay them off. So, when possible, meet with a financial adviser and come up with a good, doable plan for getting those loans paid.

If you can follow these tips, then there is no reason that you can’t enjoy a great life post-college and quickly get out of that college loan debt.