Congratulations to all you new college grads! You’re starting down a new road in life—and one of the places you’re headed is toward repayment of your student loans.
Typically, your repayment will begin six months from your graduation day, so you’ve got a nice long journey ahead. In order to make the most of it, follow these tips:
- Don’t make it rocky. Rocky roads are only desirable in ice cream. Make things easier on yourself by keeping your finances stable over the next six months. Keep large purchases to a minimum and try to not to take on any additional expenses. In other words, don’t load up your credit card, or buy an apartment full of new furniture on an extended payment plan.
- Keep your eyes on the road. Try to stay focused on your upcoming repayment by putting some extra money into savings each month. Ideally this will be the full amount of a monthly student loan payment—it will help you build that payment into your budget and build up a nice cushion of savings in the process. If you don’t have a full-time job yet, that might be tough to do, but try putting away at least some extra money each month.
- Get a tune up. Maybe your finances need a little attention as you head toward repayment. This is the time to work on it: build a budget, start a savings account, pay down any credit card debt, keep good financial records, monitor your bank accounts, etc.
Be sure to let us know if you have questions on your road to repayment of your student loans.