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How to Survive Your Student Loan Debt

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Student loans are a hot topic ever since the figure of $1.3 trillion has been announced. With that in mind, you might be thinking to yourself whether or not you can survive it all. Many people before you have paid off their student loans and lived a successful and financially stable life and so can you. Take the advice below and you will be on your way to paying off your debt.

Don't Wait

Many students graduate thinking they have 6 months of vacation before they need to start paying their student loan bills. What they don't realize is that those 6 months or the months that they were in school could have been used to chip away the debt they owe. The sooner you tackle the debt the sooner you will be out of it. A good system would be to give up a percentage of each paycheck to put monthly towards your student loan. By the time the official first bill comes due, you will already have a system in place. After that, paying the bills will feel like routine.

Relocate

Yes, by relocating you could be putting more money towards your student debt. The choice isn't the right move for everyone, but certain areas of the country offer student loan assistance just for moving there. For example, Kansas has 50 counties that provide incentives for new graduates to live there. If you've always wanted to see different parts of the country this may be a temporary option for you.

Prep for Credit

What you have to understand about credit is that you must participate in it to receive a good credit score. By opening and maintaining a credit card you will be able to increase your credit reputation. The better your score is the more likely you will receive a mortgage or insurance premiums. The more you save in other areas of your finances the more you can put towards your student loans.

Join Assistance Programs

With the entire country undergoing the student debt crisis, "many well-known banks including Wells Fargo and Discover are creating plans for students that help reduce interest rates and extend repayment terms," according to USA Today. Keep on the lookout for more assistance programs developing within the year. Since student loan debt is becoming everyone's problem, many companies will want to be the solution.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: USA Today | Student Loans

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