While I'm am getting excited for graduation, which is right around the corner, I can't help to think about the amount of student loans that will follow me. Today I completed my exit survey for some of the student loans I have, while the amount of loans I have to pay back is lower than I expected... It is still a high number.
I was browsing through a blog a friend recently refernced called "Making Sense of Cents." On the blog there are several posts about paying back loans in the most efficient and cost saving ways. One post, titled "How to Stay Motivated with Debt Repayment" is just one that I enjoyed reading and will take a few tips away from.
If you are worrying about your loans I suggest looking at a few of the debt and loan posts on the blog as well as being aware of your finances.
1. Know how much you owe, and what your daily interest is.- This will help you project your budget and put in perspective how much you're losing each day you wait to pay your bill.
2. Set long term goals and stick to them. Don't just say you're going to pay your loans off in under 10 years... DO IT!
3. Adjust payback plans. If you have state loans, be sure to adjust your plans in the future to best suit your needs, if you lose your job or income- there are plans that are more flexible and accommodating.
4. Relax. It will take some time, but you'll eventually be student loan free!