Student Loan Tips For Graduates

Congratulations on graduating from university. College is a big deal because your results set you up for life. All you have to do now is find a job and live happily ever after. Wait, that’s not entirely true. You also have to pay back your student loan before it spirals out of control. You didn’t think the government was going to hand you the money to better yourself and the country did you? Think again because a loan is a loan, even with the government.

If your arrears are already causing you stress, these are the tips that can help. Take notes because this info could save your bacon.

Know The Grace Period

The lenders aren’t complete monsters. Nope, they understand that you won’t be able to pay back the money from the very beginning, so they give you time to get your finances in order. In finance circles, people call it a grace period, and it can be the difference between mountains of debt and an affordable loan. In simple terms, every loan has a period in which you don’t have to make any payments. Some are six months to a year, whereas others are nine months to a year. As long as you know which category you’re in, you can save for when the fun starts.

Ask For Forgiveness

You don’t need to go to mass to ask for forgiveness from a higher power. In fact, you don’t need to leave the house. Thanks to Obama, there is a thing called government student loan forgiveness which aims to help graduates. What is it, you ask? Well, it’s a scheme designed to shave off any outstanding student loan debts that you might owe. It won’t write off the entire credit, but it will eradicate a big chunk. To see if you’re eligible, you need to apply online, pray, and wait for a response. With the help of Obama and the Lord’s Prayer, all could be forgiven.

Be Alert & Organized

It’s so easy to bury your head in the sand and deny that there is a problem. But, this tactic won’t make the debt disappear. Instead, it will only make it worse. So, one of the most important things you can do is be alert and organized. That means reading every piece of mail that comes through your letterbox and speaking with the lender on a regular basis. Hopefully, this will be enough to make you aware of any changes to your circumstances. The last thing you want is a nasty surprise like a rather large bill.

Don’t Panic

A student loan isn’t the end of the world. Sure, it isn’t a nice position to be in when you have zero money in your account. The good news is that the government isn’t as strict as there were in the past. Thanks to the previous administration, there are laws in place that try to protect students from debt. In reality, there is always an option, so there’s no need panic. 

Not until Trump signs a new executive order, anyway.