Tips Student Loan

1. Maintain the "Broke" Student Mentality
The majority of people are unable to obtain great wealth because they are unable to control needless spending. This can be especially difficult for students who are just entering the job market, and are probably earning more money than they ever have before. 
2. Develop a Cash Flow Statement and a Budget and Stick to Them
The use of some type of cash flow statement can be a major advantage to young people. Some system of keeping up with your cash flows allows you to see exactly where every dollar comes from and where it goes. When a cash flow statement is used in conjunction with a budget you then have the entire financial picture. 
3. Monitor Your Credit Report
Your credit will affect many aspects of your adult life such as whether you can get a car loan, a mortgage, and even some jobs. 
4. Learn About Your Student Loans and Your Repayment Options
There are three main repayment plans for most student loans: graduated, extended, and income-based repayment. Each of these plans offers different features that will cater to different needs
5. Think About Lowering Your Interest Rate with Student Loan Consolidation Programs
There is a new consolidation program available to students that will last until the end of June. It allows you to lower your interest rate by 0.25% for consolidating, as well as another 0.25% if you choose to make automatic payments each month. This is a great way to lower your total costs even if it is only 0.25% - 0.50%. Every little bit helps, especially with larger loan balances.
6. ALWAYS Pay Off Your Higher Interest Loans First
Today, most student loans have low interest rates thanks to tax payer subsidies. Students who are graduating with other debt on top of student loan debt should always compare interest rates and pay off the debt with the highest rate of interest FIRST. 
7. Defer Payments if Necessary. Do Not Default.
If you are in a position where you are having trouble making payments on a line of credit or your student loans call the lender and ask about deferment or forbearance. In times such as these, lenders with be willing to work with you as long as you have continually made the effort to pay your bills. Default should be the final option only when there is no other. Default not only hurts your official credit, it also hurts your social credit. 
Article Source: http://EzineArticles.com/7108782

沒有留言:

張貼留言