Depending on how much student loan debt that you have, we suggest that you put your student loans on a fast track repayment plan. You might want to sit down and make a list of all of your debt, including student loan debt.
Student Loan Debt Budget System
In order to get financial freedom you may have to be more aggressive in paying back your student loans and turn those minimum payments into the maximum that you can afford. An old fashion way is to use the envelope system. You place a weeks worth of money in your envelopes and when the cash is out it’s out. You can use your debit or credit card to make those spur of the moment purchases. You can use the money you save to accelerate your student loan payments. Budget yourself!
How Should I Tackle My Student Loan Debt?
Pay off those with the highest interest rate first. That will save you money and allow each payment to reduce the principal. However, before you do that make sure that your calling your lender and the payment will be applied to the principal and not the interest and make sure that you get that in writing!
Consider An Income Driven Repayment Plan
You may also be able to reduce your student loan payments by getting an income driven student loan repayment plan. However, you need to be careful about analyzing your over all financial situations and be sure you have picked the right repayment plan.
What Can I Learn About Managing My Student Loan Debt
Call Student loan attorney, Nancy L. Cavey who can prepare a road map for your financial future. Being placed in an income-based repayment plan and putting a short fuse on your other debt, can result in a significant financial turnaround and put you on the road to purchasing a new car or saving a down payment for a house. Call today at 727-828-9955 to talk to us about your student loans.