As a freshly accepted Florida college student, you had hopes of building a better future and dreams of where you would go and what you would do. Chances are, you borrowed the funds to pay for your education, confident you could pay it back when you got a job with your newly expanded skill set. At Lewis Roberts, PA, we often represent clients struggling with their student loan payments in Altamonte Springs, Longwood, and Lake Mary.
If your student loan payments are overwhelming, you’re not alone. Here are some tips to help you tackle that mountain of student loan debt.
Get Started by Getting Organized
First, take a deep breath and accept that paying off the loans won’t happen overnight. Although your salary may not be stellar for the first few years after college, it will likely increase over time with experience. Use this time to get organized and develop solid financial habits.
Keep track of your finances and review your expenses regularly. Money experts observe that people who know where their money goes automatically spend less and become more choosey about what they buy. When your salary begins to improve, invest that amount in your future, rather than raising your cost of living.
Seeing the first student loan payment bill can be shocking. It may be tempting to ignore it in favor of other bills that are more manageable. Instead of avoiding the issue, log in to your account with the loan servicer and gather the following information:
- How much do you owe?
- What are the interest rates of each loan?
- How much of your payments go toward the principle?
- How long do you have to pay the loan off?
Learn About Repayment Plans
Ideally, you will organize the debt by amount and interest rate, making payments to the highest first. The goal should be to not borrow more than your anticipated first year’s salary in student loans. However, life doesn’t always work in best-case scenarios. If you have federal student loans, there are a variety of repayment plans and options for loan forgiveness.
Get Help with your Florida Student Loan Debt
Your salary, industry and whether you work for the government or a non-profit are factors to consider when finding the plan that can meet your needs best. There are fewer options for paying down your debt if you have private student loans, but it is worth investigating every avenue available. Visit our webpage for more information on this topic or contact us to schedule a consultation.