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Getting rid of your student loan debt also gives you a lot of freedom — the freedom to take a lower-paying job that you care about more, the freedom to travel, even the freedom to take on other “good” debts — like a mortgage for your first house.It’s also important to note that defaulting on your student loan can have serious consequences; in fact, not repaying student loan debt can be worse than not repaying other types of debt.Pay Attention During Exit Counseling If you borrowed a federal student loan, you are required to receive exit counseling, which teaches you important information about your rights and how to repay your loan.Depending on your school, you might do this online or in-person. You can see a “tour” version of federal student loan exit counseling that is full of helpful information.
Learn how much you need to pay per month in order to pay off your loan within a specific amount of time.
Paying back your student loans can be intimidating. It might take time, yes, and probably determination. But making that plan is just one of the things this article will help you do — and it will also give you the tools to move from having thousands of dollars of student debt to being debt-free.
I know — when I was graduating from college and trying to find work and a place to live in an entirely new city, the thought of also having loans to pay back made me terrified. You might even be able to do it faster than you expected. Let’s say you have a ,000 loan with a 4.5% interest rate that you pay off over 20 years — you’ll pay ,550 in interest.
The idea is that if something terrible and unexpected happens – your car breaks down, you need to go to the doctor, etc.
– you’ll have the funds set aside to pay for it without needing to pull from other areas of your budget.