How to Tackle Student Loan Debt

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This week, we talked about how to tackle student debt.
ex.pn/studentloan

What should students know before taking a
college loan?
#CreditChat
Wednesday | 3 p.m. ET

#CreditChat
“Students should know how long it
will take them to repay back that loan
and whether it’ll be easily manageable
for them.”
- @SelfLender

#CreditChat
“A private education loan can be a responsible way to fill
the gap between the COA and funds you already have.”
- @SallieMae

#CreditChat
“Students should know everything
about how much money they owe,
principal + interest, and terms of
repayment for student loans”
- @KOFETIME

#CreditChat
“Only borrow what you need.
Explore/research starting salary and
payoff terms. Understand the actual
cost of degree. ”
- @GiftofCollege

#CreditChat
“It’s not free money. Make sure you only borrow what
you need and know how much your monthly payments
will be after school.”
- @CordiaGrad

#CreditChat
“Understand the difference between
subsidized and unsubsidized student
loans.”
- @Rod_Griffin

What are easy mistakes to make when applying
for or taking out student loans?
#CreditChat

#CreditChat
“Do not rely on student loans alone.
Get a part-time to cover as many costs
as possible.”
- Take Charge America
@TCAsolutions

#CreditChat
“Accepting the terms without understanding them. For
private loans, make sure you know when you are going to
start payments.”
- @CordiaGrad

#CreditChat
“Know the different terminology in
the financial aid letter. Grants you
don’t have to pay back. Loans you do.”
- Writer Leah Ingram
@suddenlyfrugal

“Failing to exhaust free money first. Gift aid such as
grants and scholarships do not have to be paid back.”
- @SallieMae
#CreditChat

#CreditChat
“Students need to make sure they are
using their loan appropriately. They
should not be spending the money on
leisure activities.”
- @taynelawgroup

How can college students reduce the amount of
loans they’ll need?
#CreditChat

#CreditChat
“Do your research: apply for
scholarships and grants well before
applying to college. Work at least part-
time while in school.”
- @ConsolidatedUS

#CreditChat
“Pick a school you and your family can afford, (net of
grants) 4 years at a pricey school may not be worth 25+
years of debt.”
- @CordiaGrad

#CreditChat
“Choose your school carefully. You can
borrow for a pricey university or get
the same degree (lower cost) at a state
school.”
- Take Charge America
@TCAsolutions

#CreditChat
“According to ‘How America Pays’ 95% of families took
at least one measure to make college more affordable.”
- @SallieMae

#CreditChat
“Look at alternate funding options:
scholarships, grants, financial aid.
Look early and apply to many.”
- @Kasasa

What tips do you have for college grads trying to
figure out their finances?
#CreditChat

#CreditChat
“Seek out information! Talk to friends,
family and trusted advisors for help
when you need it.”
- @nerdgrad

#CreditChat
“Resist to the temptation to step-up your standard of
living just because it’s your first real paycheck.”
- @CordiaGrad

#CreditChat
“Learn to budget. Also, learn the
difference between needs and wants.
(Needs = food, housing, etc. Wants =
beer).”
- @wisebread

#CreditChat
“College students should pull their
credit report, track their spending,
and budget accordingly to figure out
their finances.”
- @SelfLender

#CreditChat
“The no.1 rule to financial success: spend less than you
earn. Always keep track of what you spend.”
- @SallieMae

#CreditChat
“Pay tuition with your loans. Save the
rest for repayment or future
semesters later. Budget- tell your
money where to go.”
- Jaymee
@SmartWomanCan

How do you balance paying off student loan debt
while trying to save and/or invest?
#CreditChat

#CreditChat
“Allocate a percentage of your
paycheck to a savings account and
make it a line in your budget.”
- @care4yourfuture

“Discipline yourself to add to your savings every pay
period - over and above your student loan payments.”
- @CordiaGrad
#CreditChat

#CreditChat
“Pay back your debts, but remember
to pay yourself first, your future self
will thank you when an emergency
happens!”
- @KOFETIME

#CreditChat
“Build a budget and stick to it.”
- @SallieMae

#CreditChat
“Come up with a realistic timeline and
create a graduated savings plan.”
- Daniel Gamez
@GamezLawFirm

What are some ways to pay off student loan
faster?
#CreditChat

#CreditChat
“Make payments while still in college.
If able, pay more than required each
month.”
- @AirForceFCU

“Refinance to lower your interest rate. Use the savings
to shorten your term.”
- @CordiaGrad
#CreditChat

#CreditChat
“Many lenders have alternative
payment programs for borrowers who
are unable to make payments.”
- ACA International
@ACAIntl

#CreditChat
“Pay more than the minimum each month. Paying even a
little bit extra can go a long way toward paying off loans
faster.”
- @SallieMae

#CreditChat
“Pay interest on your loans while you
are in college or during your grace
period. It saves a lot of money in the
long run.”
- @care4yourfuture

What should you do if you’re having trouble
paying your student loans?
#CreditChat

#CreditChat
“If you’re having trouble making
payments, don’t panic. Contact your
lender/collector for a solution.”
- ACA International
@ACAIntl

“Contact your lender to tell them. Reputable servicers
will try to work with you. Don’t ignore the problem, it
won’t go away.”
- @CordiaGrad
#CreditChat

#CreditChat
“Consider downsizing, finding free
housing with friends or family. Ask
for help. Find better-paying job. Take
up a side hustle.”
- @MrsAmandaReed

#CreditChat
“If you’re having financial challenges, don’t ignore them.
At first sign of a difficulty, contact your lender.”
- @SallieMae

#CreditChat
“Ask repayment options, yet lower
monthly payments means more
interest over the life of the loan.”
- @AirForceFCU

What are pros and cons of student loan
consolidation programs?
#CreditChat

#CreditChat
“Pro: Can lower your interest rate, variable
interest rates turns into a fixed interest
rate, and lower your monthly payments.
Con: An original fee, forgoing other
repayment plan options, and losing perks
from your current lender.”
- @care4yourfuture

#CreditChat
“Pro: If you consolidate by refinancing with a private lender,
you can both reduce your interest rate and simplify payments.
Con: Consolidating in the federal program doesn’t reduce your
total monthly payment.”
- @CordiaGrad

#CreditChat
“Pro: One payment at one interest rate,
lower payments.
Con: Losing ‘grace’ period and lender
benefits. Extending the repayment terms =
paying more overall.”
- @AirForceFCU

Any final tips for paying off student loan debt?
#CreditChat

#CreditChat
“Make it priority when you get your
first paycheck. Taking steps to live
‘debt free’ is also a way of investing in
your future.”
- Andie
@moneyinmy30s

#CreditChat
“Try to pay off your debts that have the highest interest rates
first. Usually that means the priority is to pay down your
credit card.”
- @CordiaGrad

#CreditChat
“Lenders and Collectors are there to
assist you in the loan repayment
process. Communication is key!”
- ACA International
@ACAIntl

#CreditChat
“Create a plan to pay down your student loans, set a budget,
and make sure your servicers have your up-to-date contact
information.”
- @SallieMae

#CreditChat
“Know what you are signing up for
and why, this decision could affect the
next 10 to 20 years of your life.”
- @care4yourfuture

#CreditChat
Wednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/studentloan

#CreditChat
Wednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
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How to Tackle Student Loan Debt

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