By Aubrie Smith, page editor.
Let’s get real, student loan debt is in our future. As much as we don’t want to think about it now, getting a head start can help immensely. No one wants to graduate $60,000 in debt. You’ve already made a smart choice by starting with Delta. Now, make some more and pay off your debt before you accumulate it.
Remember that federal comes first
Federal student loans have lower interest rates. When you’re shopping around in the loan isle, file applications with federal. You’ll pay less over time, putting money in your pocket.
Cut your costs
Cable is not a need. I know, “The Walking Dead” doesn’t wait for anyone, but it’s not worth it. Netflix is less than half the price of cable, cutting your cable bill and adding money to your pocket. We live in a time of streaming and YouTube. You can find that “Grey’s Anatomy” episode anywhere, don’t miss out on extra cash because of one nightly binge a week.
Pay interest now
Some loans allow you to accumulate interest while you’re in school, and pay it off monthly now instead of later. If this is affordable for you, this can be an awesome way to keep your payments low through the entirety of your loan. This will keep from the sudden shock of a huge payment six months after flipping your tassel.
Only use loans for absolute needs
Yes, that loan check can be lifesaving. But picture this: you save every refund check, saving thousands of dollars by graduation, plus accumulated interest. When that huge bill comes a few months after your degree, you’ll have the ability to pay down a large portion of it right off the bat. In fact, for the best results, stick the money in an online bank, making it harder to touch, and increasing the interest rate you’ll receive.
Student loans can be a bummer, but budgeting and cutting unnecessary wants can eliminate stress and empty pockets. Do yourself a favor, save now and live better later.