With US student loan debt now greater than total credit card debt, new graduates need to take their monthly payments seriously and form good repayment habits early on. Some estimates show student loan debt has surpassed $1 trillion nationally, and recent government figures show nearly 10% of borrowers of federally-subsidized student loans had already defaulted within two years of starting repayment.
Managing student loans can be tricky at first, but with a little guidance, you can learn to balance your loans and other responsibilities. By doing some research into different loan repayment plans and taking a hard look at your income and spending habits, you can find a solid solution to managing your monthly student loan payments. It’s hard, but it’s not impossible and the sooner you set up a game plan, the better off you will be further down the road.
Here are a few helpful tips and some additional resources to help you with your student loan debt: