Graduation Debt: How to Manage Student Loans and Live Your Life

Graduates have a lot of things to be happy about. Having a college education and a degree is the best way to make sure a bright professional future and a successful career. Student loan debt however, do not end upon graduation. It could take years, even decades, to payoff your student loan debt.

In order to get a head start in life and to get rid of student loan debt, management of personal finances is the key. Here are some tips:

Borrow only what you need for school. You might be eligible for more than what you'll need to cover the cost of your education but remember, you'll still need to pay for what you're borrowing so be very pragmatic with the amount you'll be taking out. Always consider your potential income on your first year out of school and include your loan payments in your monthly expenses.
Only consider private loans as a last resort. There are plenty of financial aids available for students and these are easier to payoff than personal loans. Financial help is also more accessible to students through grants and scholarships so unless it is necessary, stay away from private loans.
Be familiar with the fine print. Review repeatedly what your loan entails and your responsibilities to your lender. The terms and conditions are legally binding and you will need to pay them back. Before agreeing to take out an educational loan, you may want review your current circumstances to decide whether the conditions are doable on your end. Before signing anything, be 100% sure that you can get rid of your debt by the specified time frame.
Make timely payments. Or even better, make early payments. If you are a student trying to get rid of your debt, it's best to start paying as soon as you can. Early payments could also give you a higher chance of having bigger personal savings in the future because you'll be ending loan payments earlier. Get as much information as you can from your loan provider on the best payment options available for you.

To effectively payoff student loan debt,staying on top of your financial situation is essential. Always look 2-3 years ahead and consider your income and other financial resources that can factor in your monthly loan payments. It's not impossible to eliminate student loan debt as long as you have the knowledge and discipline. Remember to stay focused this is something that can consume a large part of your life.

Genevieve LeBlanc has helped many students Legally Eliminate their student loan debt. If you need a step-by-step guide on how to actually Eliminate your student loan debt, Please visit http://www.studentloanpro.org/. Here, you will discover a comprehensive and easy-to-follow tutorial on how to Eliminate Your Student Loan Debt Forever.

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How to Manage Multiple Student Loans

Nowadays, it is not uncommon for college students to apply for multiple student loans to finance their studies. With clear financial records and purpose, any student should be able to get the education loans they need. Problems with multiple student loans perhaps will arise as soon as the borrower (either students or their parents) have to repay what they have borrowed. Various amounts of loans with various interest rates as well as various repayment terms are not easy to manage and it is easy to get mixed up between them. Additionally, when a student comes across financial hardships following his/her graduation, repaying the loans can be a tremendous burden.

To solve these problems, you can apply for a student debt consolidation loan which combines all your borrowed funds. By consolidating your various loans, you will only have to pay to one lender each month. Besides, you will also get other benefits such as a fixed interest rate and longer repayment period. The rate is actually the weighted average of the interest rates of all the loans. Since the rate is rounded up to the nearest 1/8 of a percent, you might end up with a slightly lower or higher interest rate. The repayment term, on the other hand, ranges from 10 to 30 years depending on the total amount of the loan and other considerations that will save you up to 50% payment per month.

Generally, most federal student financial aids such as FFELP (Stafford, PLUS, and SLS), NSL, FISL, HEAL, Perkins, Guaranteed Student Loans, Health Professional Student Loans, and Direct loans can all be consolidated into one loan. If you have private student loans, however, consult your lender about the possibility of consolidation since several lenders also provide private consolidation loans. Lenders that provide such service include Student Loan Network, Chase, Wells Fargo, and NextStudent.

All students as well as parents with educational loans are welcome to apply for the loan consolidation. Nevertheless, students and parents from the same family cannot merge their loans together into one master loan so they must apply for it separately. The regulation states that only multiple student financial aids under the same borrower can be consolidated. The same regulation also applies to married students. Hence, their educational loans should also be consolidated separately. This regulation was active per 1 July 2006 to overcome problems involving divorced students since the consolidation loans cannot be separated.

Student debt consolidation loan is a problem solver for students to manage their multiple student loans easily. Get more info about loans consolidation from our links.

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