Ideas for Paying Down Student Loan Debt

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Student loans are among the largest and most challenging kinds of debt that most people face. Although many people come out of school with tens of thousands of dollars in debt—and some people who pursued medical or law degrees facing hundreds of thousands of dollars in repayments—it is possible to tackle your debt without postponing the rest of your financial growth. Your credit union can be a great source of information in that regard, so be sure to use the services that they provide. This advice will also help.

Understand Your Loans
For many people, student loan debt trouble starts with not truly understanding their loans. Over the course of a college career, loans can be moved from lender to lender many times, and there may be several small loans from different lenders that make it difficult to understand what you owe and who you need to pay. Take a moment to be sure that you truly understand all of your loans and that they are all accounted for as you consider repayment terms.

Ask Your Employer
Some employers offer student loan forgiveness plans or assistance with loan repayments, so ask what is available to you. In some cases, you can choose a job that comes with substantial loan forgiveness. For example, some states offer loan forgiveness after a certain window of time making payments, if you work in public service.

Sign Up for Auto Payments
Enrolling in an auto payment program on your loan will usually allow you to get a lower interest rate. Although the reduction in rate will usually be modest, it can add up to a significant amount of money over time, which will help you pay off your debt faster. Plus, you’ll never need to worry about missing a payment.

Find out more about smart financial strategies by scheduling an appointment with a team member at GCS Credit Union. We’re here to serve our members, not profit off of them, and we’re invested in your financial success. You can learn more about joining our credit union in O’Fallon by calling (618) 797-7993.

 

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