From the course: Personal Finance Tips Weekly

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Graduation: Don’t get crushed by student loan mistakes

Graduation: Don’t get crushed by student loan mistakes

From the course: Personal Finance Tips Weekly

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Graduation: Don’t get crushed by student loan mistakes

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- It's a sad reality for many young people that education comes with a price tag. And if you're in the majority of people who need to fund your education through student loans, here's a few things that you can do to stay on track. First, know your terms. Those papers you earnestly signed at 18 have very important details in them. To get a clear picture I recommend the following. Start a spreadsheet so you can see yourself what your pay down schedule looks like on a month by month basis, with interest and principle payments and the outstanding amount. Understanding how much of the principle loan amount you're paying down can be very motivating to accelerate your payments. Call your loan provider and make sure you're 100% clear on payment terms, interest rates, and penalties. If you have multiple loans, make separate columns for each. If you can pause your payments with low or no cost, make sure you understand the process to pause. This exercise helps to make your debt very real and…

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