Student Loans Are Simple To Payoff- Easy Monthly Payment Strategies!
At the end of the day the whole goal when it comes to paying off your student loans
is to get employment at the end of your post secondary education and pay this loan off.
But as most of us know that always does not happen as easy as we would like it. The truth is that sometimes it takes time to get a job and start making enough money not only to live and pay normal day to day expenses but to throw in a $300 or more payment to get your loan covered can be a daunting task.
Here is a simple but excellent way for you to take advantage of using your student loans and then paying them off in a reasonable time frame that shouldn't put a dent in your budget.
First use your loans to pay for your school expenses like rooming, food, books and spending. Next if you have a 3 year loan then of say $10,000 per year then you will have a $30,000 balance at the end of 3 years.
What if you were to have even $75.00 each month while you are in school come out of your bank account on a direct debit system for savings for repayment of your student loan?
If you think about it at the end of your 3 year term in school sure you would owe your $30,000 but you would saved a total of almost $3000.00 by the time you finished your schooling.
The actual total would be about $2700.00. Now the Government gives you a grace period to start paying your loan off.
Let's say that from the time you finish school it takes you 6 - 12 months to find employment and you want to start actively making monthly payments to your loan.
You could start making $200.00 per month payments to your loan from your $2700.00 savings and have 27 months of payments covered.
That is pretty good if you ask me. To have over 2 years of monthly payments made without worry or stress.
The big picture here is making sure you set up a direct debit from your bank account each and every month for your savings of $75.00.
This is key to not having to actually walk into your bank each and every month to save your money. Make it automatic and you will not even notice it.
So you are probably thinking where am I going to find an extra $75.00 each month?
Have it actually come right out of your student loan balance that you have in your bank account. Make sure to ask your bank to set up another account for you and ask them to debit the $75.00 each and every month into your new savings account.
This way you will have a small reserve fund for when you finish school and you will keep the collection agencies off your back.
Getting hounded by the collection agencies can cause a lot of undue stress. Don't make the mistake of not being prepared when you finish your schooling.
Those who take action on strategies like this will win in the end and save themselves a lot of frustration and headaches.
by: Chris Robertson
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