How to Make Your Student Loans Less Stressful

Posted by CapWay in Student LoansJune 14, 2019(Last Updated February 13, 2022)2 min read
Key Takeaways
  • Student loan debt continues to increase, but there are options to get assistance post-graduation.
  • Many employers are now starting to offer student loan assistance as an employee benefit.
Are you ready to make some real money moves?

If student loans are your reality, then there are some actions that you can take to make handling your student loans more manageable.

Here are three hacks that can help you reduce stress when it comes to your student loans.

Look at Your Numbers

Calculate your student loan debt to understand how the payments will impact your budget today and how long it will take for you to pay the loans off. 

Recommended Read: Check out three calculators that can help you understand your repayment options.

Understand Your Grace Period 

Most student loans have a six-month grace period that allows you to pause your student loan payments as you settle into your post-graduation lifestyle. If you choose to take the grace period, use the six months to start or grow your emergency savings fund.

Depending on the types of loans you have, interest may grow during your grace period. However, you do not have to take the grace period if you can afford it. Instead, you can jump right into paying off your loans.

Consider Forgiveness and Assistance Programs 

You may not have to deal with your student loans on your own. There are several programs that may help you pay towards your student loans or forgive your student loan balances. So whether through online research or school resources, be sure that you are aware of any programs you may be eligible for to receive assistance.

As you enter the workforce post-graduation, consider that many companies are starting to offer student loan payments as an employee benefit. Therefore, check with your employer or potential employer about options to help you manage your student loan payments.

Recommended Read: These Four Employers Help Pay College Tuition Costs

The federal government offers a few forgiveness programs. However, forgiveness programs have rules and requirements for eligibility. Therefore, you will need to get ahead of the game and understand the requirements before you start making your student loan payments.

Have you applied or searched for assistance for your student loans?

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