Take Control: Tackle Your Student Loans
You can do all the right things, go to college, complete your degree and get a job but then you are faced with crushing debt. Currently more than 40 million Americans have student debt. As the President works to lift the burden of crushing student loan debts for millions, even more continue to struggle. Don’t let this be you. Get ahead and in control of your debt. We have outlined an action plan to doing just this:
Did you know…
- Since 1999, student debt has increased more than 500 %.
- Student loan debt has risen at an average rate of 6% per year from 2008 to 2012
- Two-thirds of students graduate with an average student loan debt of more than $25,000
- Private loans are one of the riskiest ways to pay for college. They are typically in amounts far in excess of the student’s ability to repay with anticipated income.
- Federal loans are one of the safest ways to pay for college. Unlike private loans, they include fixed interest rates and income-based repayment plans (Federal Loans vs Private Loans).
- Stay informed and do your research. We recommend visiting sites such as, Ready For Zero, Money Smart Life, The Student Loan Sherpa, Biz Women, Business Insider, etc.
- Educate yourself on a wide range of salaries and career options.
- Learn about loan options and choose them wisely.
- Take control of your debt before it takes control of you.
Take Control in 5 Easy Steps:
Step 1. Face your debt
What you’re working with? Find out what you owe through the National Student Loan Data System.
Step 2. Contact your loan servicer
Ask the loan servicer these 10 questions.
Step 3. Pick a repayment plan
Experiment with options by visiting PayBackSmarter.com
Consider SaveUp.com, a free website that rewards users for paying down debt or Smarter Bucks, a new debit card rewards program created by student loan information site SimpleTuition allows cardholders to pay down a bit of their student loan debts with each card swipe.
Step 4. Stick to a budget
Keep track of other spending by visiting free websites such as Mint.com
Step 5. Prioritize your loan payments
Visit Tuition.Io and learn how to prioritize your student loans for payment.
Sites to visit:
- Ready For Zero (has a wonderful resource center for people with student loans).
- Federal Student Aid
- Ready For Zero
- Project Student Debt
- National Student Loan Data System
- The Student Loan Crusader
- Nolo’s Debt, Bankruptcy & Foreclosure Section
- Student Loan Ombudsman Office