Make sure you’re ready to pay back your student loans using these tips.
It is back-to-school season and if you graduated this past spring, this may be the first time in your life you are not returning to school. With the autumn season quickly approaching, you are probably already established in a full-time position or are working as an intern. While you may be enjoying your new job with a steady income, it is only a matter of time before those pesky student loans start to kick in.
Making student loan payments can be trying on your finances if you aren’t prepared, so Peoples Bank & Trust is offering you a few tips on how to properly prepare to pay off your student loans:
Tip #1- Organize your Loans: If you have a variety of loans (i.e. federal, private) it is important to track down the basic information about each loan. Check for the start date of the payments, how much you owe and what your monthly payments will look like.
Tip #2 – Talk with your Loan Provider: Start the relationship with your loan servicer now by updating your contact information and discussing any questions you have with your loans. Developing a positive relationship now will help build accountability and respect between you and your loan servicer.
Tip #3 – Explore Repayment Options: There are a variety of terms and interest amounts that can affect your loan payments. If you recently got a job, this will help you better understand your monthly income and what you can afford each month.
Tip #4 – Make a Budget: Making a monthly budget is important for endless reasons! But starting a budget during your grace period will help you build good habits as well as get a better picture of what your finances will look like when you start making student loan payments. Getting comfortable with your budget now will ease the shock when student loans kick in.
Tip #5 – Relax! If you are preparing to pay your student loans ahead of time, then you’re already ahead of the game. Continue speaking with your loan provider, financial aid office from your university and don’t be afraid to seek advice from your local bank or parents.
We hope that these tips leave you feeling ready to tackle your student loans payments in just a few months. If there is anything Peoples Bank & Trust can do to help, just let us know!
Peoples Bank & Trust
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