Irishessays | Taming the Beast That Is a Student Loan Debt
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- Category: English: Creative Writing
- Date Submitted: 12/01/2014 12:07 AM
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It’s no secret that it is much easier to get into debt than to get out of it. We live in a society that encourages consumer culture and this bad enough on its own. Combine that with student loan debt and you might find yourself filing for bankruptcy. This article aims to help you manage your debt better.
Understand your debt plan when you are filling out your college application, and make a strategy on how you’re going to deal with it. Try to set that maximum monthly repayment that you can. Also, whenever you have money saved up, try to make lump sum payments. Remember, the quicker you pay off the loan, the less you pay. The more you elongate the process, the more the interest piles up.
When you’re in school piling on debt, or freshly out of school and trying to pay it off, it is always a good idea to keep track of the money going in and out. If you follow the money, and keep yourself up to date with your current debt status, it will help you rein in your spending. If you don’t keep a track of your finances, you’re more likely to stay in denial and even go deeper in debt.
You need to put yourself first. A lot of young graduates want to give back to the community and help others. This is honorable, but you need to help yourself first. You simply can’t afford to go out of your way to help others while piling on debt. Instead, make paying off your student debt your first priority, after which you can focus on giving back to the society.
If you’re still in school, keep researching for grants and scholarships. You will surprised how much these can help, and how many you’ll find yourself eligible for if you just go out and look.
This should go without saying. Avoid plastic money, instead stick strictly to cash. The last thing you should be doing while paying off debt is incurring more debt. It’s a vicious cycle, don’t get caught up in it.
Try to save money whenever you can. Look for sales; if you need a room repainted do it yourself. When you cut these little...
Understand your debt plan when you are filling out your college application, and make a strategy on how you’re going to deal with it. Try to set that maximum monthly repayment that you can. Also, whenever you have money saved up, try to make lump sum payments. Remember, the quicker you pay off the loan, the less you pay. The more you elongate the process, the more the interest piles up.
When you’re in school piling on debt, or freshly out of school and trying to pay it off, it is always a good idea to keep track of the money going in and out. If you follow the money, and keep yourself up to date with your current debt status, it will help you rein in your spending. If you don’t keep a track of your finances, you’re more likely to stay in denial and even go deeper in debt.
You need to put yourself first. A lot of young graduates want to give back to the community and help others. This is honorable, but you need to help yourself first. You simply can’t afford to go out of your way to help others while piling on debt. Instead, make paying off your student debt your first priority, after which you can focus on giving back to the society.
If you’re still in school, keep researching for grants and scholarships. You will surprised how much these can help, and how many you’ll find yourself eligible for if you just go out and look.
This should go without saying. Avoid plastic money, instead stick strictly to cash. The last thing you should be doing while paying off debt is incurring more debt. It’s a vicious cycle, don’t get caught up in it.
Try to save money whenever you can. Look for sales; if you need a room repainted do it yourself. When you cut these little...