How to Tackle Student Debt
Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about how to tackle student debt.
ex.pn/studentloan
What should students know before taking a college loan?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Students should know how long it will take them to repay back that loan and whether it’ll be easily manageable
for them.”
- @SelfLender
#CreditChatWednesday | 3 p.m. ET
“A private education loan can be a responsible way to fill the gap between the COA and funds you already have.”
- @SallieMae
#CreditChatWednesday | 3 p.m. ET
“Students should know everything about how much money they owe, principal + interest, and terms of
repayment for student loans”
- @KOFETIME
#CreditChatWednesday | 3 p.m. ET
“Only borrow what you need. Explore/research starting salary and payoff terms. Understand the actual
cost of degree. ”
- @GiftofCollege
#CreditChatWednesday | 3 p.m. ET
“It’s not free money. Make sure you only borrow what you need and know how much your monthly payments
will be after school.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
“Understand the difference between subsidized and unsubsidized student
loans.”
- @Rod_Griffin
What are easy mistakes to make when applying for or taking out student loans?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Do not rely on student loans alone. Get a part-time to cover as many costs
as possible.”
- Take Charge America@TCAsolutions
#CreditChatWednesday | 3 p.m. ET
“Accepting the terms without understanding them. For private loans, make sure you know when you are going to
start payments.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
“Know the different terminology in the financial aid letter. Grants you
don’t have to pay back. Loans you do.”
- Writer Leah Ingram @suddenlyfrugal
“Failing to exhaust free money first. Gift aid such as grants and scholarships do not have to be paid back.”
- @SallieMae
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Students need to make sure they are using their loan appropriately. They should not be spending the money on
leisure activities.”
- @taynelawgroup
How can college students reduce the amount of loans they’ll need?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Do your research: apply for scholarships and grants well before
applying to college. Work at least part-time while in school.”
- @ConsolidatedUS
#CreditChatWednesday | 3 p.m. ET
“Pick a school you and your family can afford, (net of grants) 4 years at a pricey school may not be worth 25+
years of debt.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
“Choose your school carefully. You can borrow for a pricey university or get
the same degree (lower cost) at a state school.”
- Take Charge America@TCAsolutions
#CreditChatWednesday | 3 p.m. ET
“According to ‘How America Pays’ 95% of families took at least one measure to make college more affordable.”
- @SallieMae
#CreditChatWednesday | 3 p.m. ET
“Look at alternate funding options: scholarships, grants, financial aid.
Look early and apply to many.”
- @Kasasa
What tips do you have for college grads trying to figure out their finances?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Seek out information! Talk to friends, family and trusted advisors for help
when you need it.”
- @nerdgrad
#CreditChatWednesday | 3 p.m. ET
“Resist to the temptation to step-up your standard of living just because it’s your first real paycheck.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
“Learn to budget. Also, learn the difference between needs and wants. (Needs = food, housing, etc. Wants =
beer).”
- @wisebread
#CreditChatWednesday | 3 p.m. ET
“College students should pull their credit report, track their spending,
and budget accordingly to figure out their finances.”
- @SelfLender
#CreditChatWednesday | 3 p.m. ET
“The no.1 rule to financial success: spend less than you earn. Always keep track of what you spend.”
- @SallieMae
#CreditChatWednesday | 3 p.m. ET
“Pay tuition with your loans. Save the rest for repayment or future
semesters later. Budget- tell your money where to go.”
- Jaymee @SmartWomanCan
How do you balance paying off student loan debt while trying to save and/or invest?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Allocate a percentage of your paycheck to a savings account and
make it a line in your budget.”
- @care4yourfuture
“Discipline yourself to add to your savings every pay period - over and above your student loan payments.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Pay back your debts, but remember to pay yourself first, your future self will thank you when an emergency
happens!”
- @KOFETIME
#CreditChatWednesday | 3 p.m. ET
“Build a budget and stick to it.”
- @SallieMae
#CreditChatWednesday | 3 p.m. ET
“Come up with a realistic timeline and create a graduated savings plan.”
- Daniel Gamez @GamezLawFirm
What are some ways to pay off student loan faster?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Make payments while still in college. If able, pay more than required each
month.”
- @AirForceFCU
“Refinance to lower your interest rate. Use the savings to shorten your term.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Many lenders have alternative payment programs for borrowers who
are unable to make payments.”
- ACA International @ACAIntl
#CreditChatWednesday | 3 p.m. ET
“Pay more than the minimum each month. Paying even a little bit extra can go a long way toward paying off loans
faster.”
- @SallieMae
#CreditChatWednesday | 3 p.m. ET
“Pay interest on your loans while you are in college or during your grace
period. It saves a lot of money in the long run.”
- @care4yourfuture
What should you do if you’re having trouble paying your student loans?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“If you’re having trouble making payments, don’t panic. Contact your
lender/collector for a solution.”
- ACA International @ACAIntl
“Contact your lender to tell them. Reputable servicers will try to work with you. Don’t ignore the problem, it
won’t go away.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Consider downsizing, finding free housing with friends or family. Ask
for help. Find better-paying job. Take up a side hustle.”
- @MrsAmandaReed
#CreditChatWednesday | 3 p.m. ET
“If you’re having financial challenges, don’t ignore them. At first sign of a difficulty, contact your lender.”
- @SallieMae
#CreditChatWednesday | 3 p.m. ET
“Ask repayment options, yet lower monthly payments means more interest over the life of the loan.”
- @AirForceFCU
What are pros and cons of student loan consolidation programs?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Pro: Can lower your interest rate, variable interest rates turns into a fixed interest
rate, and lower your monthly payments.Con: An original fee, forgoing other
repayment plan options, and losing perks from your current lender.”
- @care4yourfuture
#CreditChatWednesday | 3 p.m. ET
“Pro: If you consolidate by refinancing with a private lender, you can both reduce your interest rate and simplify payments.Con: Consolidating in the federal program doesn’t reduce your
total monthly payment.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
“Pro: One payment at one interest rate, lower payments.
Con: Losing ‘grace’ period and lender benefits. Extending the repayment terms =
paying more overall.”
- @AirForceFCU
Any final tips for paying off student loan debt?
#CreditChatWednesday | 3 p.m. ET
#CreditChatWednesday | 3 p.m. ET
“Make it priority when you get your first paycheck. Taking steps to live
‘debt free’ is also a way of investing in your future.”
- Andie@moneyinmy30s
#CreditChatWednesday | 3 p.m. ET
“Try to pay off your debts that have the highest interest rates first. Usually that means the priority is to pay down your
credit card.”
- @CordiaGrad
#CreditChatWednesday | 3 p.m. ET
“Lenders and Collectors are there to assist you in the loan repayment process. Communication is key!”
- ACA International @ACAIntl
#CreditChatWednesday | 3 p.m. ET
“Create a plan to pay down your student loans, set a budget, and make sure your servicers have your up-to-date contact
information.”
- @SallieMae
#CreditChatWednesday | 3 p.m. ET
“Know what you are signing up for and why, this decision could affect the
next 10 to 20 years of your life.”
- @care4yourfuture
#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/studentloan
#CreditChatWednesdays | 3 p.m. ET
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