Student Loan Repayment Tips for After Graduation

Federal Student Loan Repayment TipsIf you are graduating in May or June and have student loan debt, then you should have a repayment strategy in place. There are different rules for federal and private student loans, which means your strategy could vary depending on which types of higher education debt you carry.The Department of Education offers multiple repayment options that may keep you from falling behind on payments.Determine your Payment Amount and Make a Budget for Student Loan RepaymentYou should determine your payment amount and make a budget first. This will allow you to determine whether you could experience financial hardship in the near future. Work with your school’s financial aid office to determine how much you will owe and when you plan to finish making payments. Once you determine these factors, work them into a budget with your other expenses. Make sure that your monthly payments are affordable. If they are not, and you have federal loans, consider…

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