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!!