Monday, February 2, 2009

School Loans?!

We are in the final countdown now, and the prospect of paying back the medical student loans is now becoming a reality. Many people find themselves with debt after college, and paying back the loans should be the first priority. As I am finding out, it was much easier to get the student loan than to pay it back. In a few months time we will be in a new state with a new job, and college loans to prove what we have been doing for the last 10 years. There are different loans, with different pay schedules, and of course different interest rates. When you are paying back your student loans the best way is to pay down the highest interest rates first. Sounds like common sense, but I was checking out our pay schedule and the company had us paying down the lowest interest rate first, then paying down the other loan on the highest interest rate. With a few phone calls we were able to straighten out our pay schedule. It saves money to check on your rates. Here are three easy ways to keep your college loans in line:
1. Education- Stay informed about you loans terms.
2. Payment schedule- Pay loans on time to avoid unwanted late fees.
3. Consolidate- If available to you, combine all those loans into one. One payment is easier than trying to remember to pay each loan on separate days.

Of course, if you are having trouble, ask for help. There are plenty of financial advisors out there if you need some advice. I am not one of those advisors, I am just sharing some of my personal experience with student loans.

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