Getting rid of your student loan debt also gives you a lot of freedom — the freedom to take a lower-paying job that you care about more, the freedom to travel, even the freedom to take on other “good” debts — like a mortgage for your first house.

It’s also important to note that defaulting on your student loan can have serious consequences; in fact, not repaying student loan debt can be worse than not repaying other types of debt.

Shoot for having

Getting rid of your student loan debt also gives you a lot of freedom — the freedom to take a lower-paying job that you care about more, the freedom to travel, even the freedom to take on other “good” debts — like a mortgage for your first house.It’s also important to note that defaulting on your student loan can have serious consequences; in fact, not repaying student loan debt can be worse than not repaying other types of debt.

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Getting rid of your student loan debt also gives you a lot of freedom — the freedom to take a lower-paying job that you care about more, the freedom to travel, even the freedom to take on other “good” debts — like a mortgage for your first house.

It’s also important to note that defaulting on your student loan can have serious consequences; in fact, not repaying student loan debt can be worse than not repaying other types of debt.

Shoot for having $1,000 in your emergency fund; that amount will cover most things that could happen.

,000 in your emergency fund; that amount will cover most things that could happen.

According to the Federal Student Aid office, “Under IBR, your monthly payment amount will be 15 percent of your discretionary income, will never be more than the amount you would be required to pay under the Standard Repayment Plan, and may be less than under other repayment plans.” And, if “you repay under IBR for 25 years and meet certain other requirements, any remaining balance will be canceled.” This program is only for people who hold federal — not private — loans.

Even if your loan is serviced by a private company, it might still be a federal loan.

If you’re not sure, login to the National Student Loan Data System to see if you currently have a federal loan.

IBR does have some downsides — like possibly paying more interest since you’re stretching out your loan term.

And don’t forget — college graduates have greater job opportunities and still earn more money on average.

Many people who have paid off their loans also mention the great psychological benefit of feeling like a huge weight has been lifted off their shoulders. ) In order to create an accurate repayment schedule, you need to understand your loans.Pay Attention During Exit Counseling If you borrowed a federal student loan, you are required to receive exit counseling, which teaches you important information about your rights and how to repay your loan.Depending on your school, you might do this online or in-person. You can see a “tour” version of federal student loan exit counseling that is full of helpful information.Your budget helps you allocate the funds for paying back your student loans (and, well, everything else you need to pay for in life). Create an Emergency Fund While creating an emergency fund should be part of your budget, it’s important enough that it deserves its own mention.This is a special section of your savings set aside for, well, emergencies.But other than that, it can be really helpful to pay off your student loans as soon as possible. Follow the suggestions below to help speed up your student loan repayment.