Step #1: Get Motivated
Get in the loan-slaying zone. Take the quiz to strategize your first moves. Then watch how one woman put good money habits to work to pay off a LOT of debt fast. Feel free to borrow some of her tips.
Everyone’s student loan story is different. But it can help to see other people who’ve been where you are. And maybe borrow some of their tips, too.
Step #2: Talk the Talk
Now that you've got a plan of attack, it's time to learn the language. So when you come across 'capitalized interest' and 'deferment' in a sentence, you're less 'WTF?' and more 'I got this.'
When unpaid interest is added to your loan. Think of it as monetary punishment for not making payments. A lot of capitalized interest means you’ll end up paying back WAY more than you borrowed. Not fun.
Combining multiple federal loans to simplify your life. Anddd exhale. You might get a lower monthly payment now if you extend the loan term. But stretching out your timeline means you’ll end up paying more in interest over time.
Step #3: Know Your Options
Get more As to your student loan Qs and make a plan for your next steps. Write them down. And a deadline to finish them. You’re bringing all the BDE (that’s big debt-paying energy) necessary to get this sh*t done.
- Understanding Federal Repayment Options
- Should You Refinance Your Student Loans?
Refinancing student loans: Think of it as a debt do-over, only this time you can save money instead of just borrowing it.
- What’s Love Got to Do With Loans?
The pros and cons on combining student loans with a spouse.
- What’s the Best Way to Pay Off Debt?
Two popular options for paying off debt are the snowball and avalanche methods. Here's what you need to know about both.