College grads with public student loans typically get a six-monthgrace periodafter convocation before they have tostart making payments.
And that means for Spring 2018 grads, its probably time to start paying up.
Student loan debt can be overwhelming.
If youre lost on where to start, follow this checklist.
Write this down somewhere so you might keep track of everything.
For federal loans, go to the Department of Educationsdatabase, which will have all the information you need.
If youre overwhelmed after you calculate your budget, consider switching your repayment plan to an income-based repayment plan.
These plans require you to pay a percentage of your income if youre under a certain income threshold.
Call your servicer and ask about the different options available to you.
Ideally, before that happens, look into your other repayment options and find something that works for you.
Its modest, yes, but its something.
Absolutely make at least the minimum payment each month.
Usually, they say that theyll help your debt be forgiven.
Know thatthis is a scam.
If you have private loans, forgiveness isnt going to happen at all, so be alert.
Dont trust these people.
Hang up, or report them to your states attorney general or the Federal Trade Commission.
Its only natural to want an easy way out, but you have to repay what you owe.
you’re able to find aform letter herethat you’re able to send to them.
And youre right, there isnt.
But that doesnt mean you cant make a smart plan.
Make your minimum monthly payments on your student loans.
Build up your emergency fund.
Money in a 401(k) isnt going to help you if your car breaks down.
This can be done simultaneously with #2.
If you have any extra, put that toward your student loans.
Obviously, what you end up doing will depend on your circumstance and howyourelate to your money.
Maybe you want to focus on paying down your debt above all else.
Allow yourself to mess up and get back on track.
