Wait a minute! College debt is more than credit card debt? Seriously!?! Can that be right?
Well...many of you supported me in my Open Letter to My Student Loan Company. Guess what...they didn't respond! I guess this means I have to continue paying off my student loans...crap! Since many of you share my pain, I decided to search around for different ways to attack the beasts that are our student loans. In doing so, I came across "Student Loans: Your 5-Step Plan to Pay Them Off"...I stopped and read of course! And it was pretty good!
In this article, the author suggested the following steps to attacking student loans:
1. Assess the Situation - The article suggests that you gather information regarding all outstanding loans, including the date the loan enters into repayment and the company servicing the loan.
2. Update Your Information - Make sure you keep all contact information up to date so that the loan company knows how to reach you.
3. Set a Repayment Strategy - Choose the amount of time you would like to pay off your loans (10 years, 25 years, etc.), and arrange payment dates and amounts. In sum, plan how you intend to pay the loan company back.
4. Make it Automatic - Set up automatic payments so that you're never late with payments.
5. Focus Your Efforts - Set your sights on paying off your loans. If you have some extra cash, redirect it to the loan with the highest interest rate. Be aggressive!
I encourage you all to check out the entire article, as it does offer some good advice and there may be some great takeaways.
What's your student loan re-payment strategy?