Student Loans: The Struggle To Pay Them Off

As a recent college graduate I have to start thinking about how I am going to pay off these student loans. I am not going to include the exact number, but its pretty close to thirty thousand. My goal is to come up with a plan to pay the loans off as quickly as possible while still saving for the future.

I am lucky to be in a situation where I will be living with my parents for the next year and a half.  I will hopefully being going to grad school in the fall of 2018 and plan on moving out then.  My goal is to begin paying on my loans now.  I plan onsaving money while I do not have a huge amount of bills to pay.

My Plan To Pay Off Them Student Loans

First, I am making sure I have a steady source of income.  I work two part-time jobs and make enough money each week to pay off the bills I have.  I save a third of my pay check each week and put a third of my paycheck into my students loans.

The goal is to pay at least $300 every month and then save as much as possible so that I am able to work less while still paying on my loans during graduate school.

If you are a current undergrad student, I would recommend that you begin paying on your loans as soon as possible.  While going to school I payed over $2,000 on my loans which kept interest from accumulating.  Even while in school some of your loans may accumulate interest.  Even though I have paid on my interest while in school I still have another $1,000 in accumulated interest.  It adds up very quickly, so pay it off while you can.

** Added tip to keeping student loan costs down.  Do not feel like you have to live on campus. If you live close to campus I would recommend staying at home to save money.  Or if you do not live close to campus look at apartments near campus.  You may be able to find a roommate to share costs with and make it cheaper than living on campus.

Hope you enjoy these tips! As always, if you have any questions do not hesitate to ask!!

Thanks,

Morgan

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