Student loans may be a necessity for a college degree, but they can be crippling for young adults fresh out of school. Graduates can survive without student loans, according to a new study from the University of California, Berkeley School of Law.
Student loan debt has passed the trillion-dollar mark, leaving more people than ever burdened with loans that they have struggled to repay over the years. According to a new study by the University of California, Berkeley School of Law, the cost of pursuing a higher degree is exponentially higher, and it is almost impossible to graduate without borrowing. If you go to school, you have to go, but if you aspire to higher degrees, your costs are exponentially high.
Here are some tips for surviving student loans: Some lenders grant repayment periods during which you are not required to make payments on your loan. This seems to be a great advantage for a young person just entering the labor market, but it tends to have the opposite effect.
By the end of the repayment period, you are already much further than you need to be to pay on time, and in addition to repaying the principal, you are much further ahead in terms of debt management. This is the perfect time to draw up a plan for the settlement of your loan and start repaying it as soon as possible. As in any other area of debt management, your budget will be a key factor in getting you to the other side of your student loan debt.
If you set a strict budget and stick to it, you know exactly how much money comes in and where it comes from. This will help you make your payments on time, and you have the money to pay them off in the form of payments.
The most important time to keep the secret of frugal living is when you graduate and get the job you’ve been working for years. Most people live on less than half of what they did during their studies, but you have to learn to live with less without being miserable. This is the time when you are finally spending the money you have worked so hard for and have already mastered the secrets of fiscal life.
If you are still struggling to meet your monthly payments, consider consolidating your credit card debt with CreditGUARD, a nonprofit debt management program. This program has many advantages, the biggest of which is its ability to turn your credit card payment into a single monthly payment. It does not consolidate your student loan debt, but it can help you meet your payments more efficiently and prepare you for a better financial future by continuing your frugal lifestyle from an early age. If there is an overwhelming credit card problem, you can always consolidate and be sure that all your payments are met and that you are prepared for the future.
You can also choose the repayment plan that works best for your budget and secure a fixed interest rate. You can change your payment plan at any time, even after the first year of repaying your student loans.
If you budget rigorously and understand your options, you can pay back your student loans and survive your credit debt. Debt does not have to be crippling; it simply has to be tackled persistently. If you are struggling with credit card debt, CreditGUARD can help you with the most reasonable and effective repayment plan available. Call us toll-free at 800-500-6489 to talk to a certified credit counselor and get started on your financial freedom plan right away.