Student loan debt can be overwhelming, regardless of whether you graduated last year or a couple decades ago. You may find them consuming your finances with no way out and perhaps even dealing with debt harassment. A large majority of Americans deal with staggering amounts of debt, with a large percentage including student loans. There are currently many tips to applying to student loans to ensure you are receiving the best plan possible such as apply for and use federal loans to pay tuition before seeking private loans including lower interest rates. However, if the damage has already been done and you are dealing with student loan debt, there are ways to pay off your loan and decrease your anxiety regarding your finances.
Consult with a Financial Advisor
Consulting with a financial advisor is extremely common for many people whether they are young, old, a college student or even a highly successful business person. This is particularly true if the person in question is experiencing some type of debt and the budgeting, legalities and fine print that comes along with it. Financial advisors are there to help you build a plan to get out of debt, as well as correctly manage other aspects of your finances. This includes accounts, savings, taxes, and any other financial situations you feel you need help with. Oftentimes, you only need to pay a visit to a financial advisor a few times a year and any specific situations (if you come into a lot of money by inheriting or even winning the lottery).
Make a Plan
Whether or not you consult with a financial advisor, it’s crucial to make a plan to begin paying off your student loan debt. Lie out your monthly finances and see how much you can afford to go directly towards paying off your loan. Make a chart determining how much money should go towards groceries, rent, mortgage, gas, and so on. From there, you will be able to figure out how long it will take you to pay off your loan which creates a great method of motivation to know you’re working towards something.
Stick with It
It’s completely true that making a financial plan is easier said than done, but it’s always important to stick with it in order to get out of student loan debt. Finally getting ahead and reaching the point in which you have rid yourself of this debt will be a huge weight off your shoulders and will put an end to debt harassment once and for all. If you experience debt harassment, it’s important to report it to a lawyer and put up a fight – you have enough stress on your shoulders and you need to work on sticking to your financial plan rather than fighting off debt collectors.
Student loan debt is nothing to be ashamed of and takes up a large part of American household debt today. To have the weight lifted, be sure to make a plan and stick with it – it won’t be long until you’re debt-free!
By Sarah Jayne, a recent college student who ironically received a degree in economics only to land in debt.