You did it! You have finally graduated, and you are ready to show the world what you can do and the money you can earn. Wait a minute! Let's see...your parents no longer support you, you still don't have a job and you have a student loan to repay. Over half of all people who graduate from college owe a staggering $20,000 on their first year out.
Find a job as quickly as possible but be particular as financially feasible. Be clear about your loan liability. Find your old loan papers and read the terms.
Plan smartly. Figure out your daily expenses and how much you need to pay to satisfy your loan terms. You may have to find a part time job until the job of your dreams comes along.
Stay away from further debt, especially credit cards. You can't expect to live the lifestyle of your parents just yet. You will in the future, it's only a matter of time. Curtail your expenses until the debt is paid. Unless you are married, it would be a good idea to share living expenses and maybe even a car with a friend. Don't go out to eat and avoid bringing your clothes to the laundry.
It is essential to establish good credit for yourself from the beginning. Failure to do so can haunt you for years to come. Make your payments on time and even a higher than minimum payment if you can. If you have debts other than your student loan pay them off in a timely manner as well. Debt consolidation should be at the bottom of your list.
If you are having trouble meeting a payment, let your lender know. Inform the lender that you are doing your best and that you are worried. The lender could even offer some budgeting advice.
You should notify your lender if you move or change jobs. If your statement returns undelivered, it might damage your credit report. By the way, always check the statements for errors.
Be professional and honest. You shouldn't over-borrow, and you must be responsible for what you owe. Keep your expenses under check. Perchance, if you fall on hard times, you could arrange for a lower monthly payment or request an extended grace period.
A loan forgiveness program could be arranged with extenuating circumstances. The program would ensure that your loan is forgiven, but you would have to pay forward by volunteering in several community service efforts. You could serve in the military instead than paying.
Until you get on your feet, request that family members give you cash for birthdays or other special occasions instead of that tie or scarf you really don't need. Avoid lending money to friends, particularly since you owe money yourself. It's not uncommon to lose friends along with the money you let them borrow. The way you manage your student loan will, probably, weave the fibers of your financial future. Don't give up on saving, and keep your eyes set on the future.
Find a job as quickly as possible but be particular as financially feasible. Be clear about your loan liability. Find your old loan papers and read the terms.
Plan smartly. Figure out your daily expenses and how much you need to pay to satisfy your loan terms. You may have to find a part time job until the job of your dreams comes along.
Stay away from further debt, especially credit cards. You can't expect to live the lifestyle of your parents just yet. You will in the future, it's only a matter of time. Curtail your expenses until the debt is paid. Unless you are married, it would be a good idea to share living expenses and maybe even a car with a friend. Don't go out to eat and avoid bringing your clothes to the laundry.
It is essential to establish good credit for yourself from the beginning. Failure to do so can haunt you for years to come. Make your payments on time and even a higher than minimum payment if you can. If you have debts other than your student loan pay them off in a timely manner as well. Debt consolidation should be at the bottom of your list.
If you are having trouble meeting a payment, let your lender know. Inform the lender that you are doing your best and that you are worried. The lender could even offer some budgeting advice.
You should notify your lender if you move or change jobs. If your statement returns undelivered, it might damage your credit report. By the way, always check the statements for errors.
Be professional and honest. You shouldn't over-borrow, and you must be responsible for what you owe. Keep your expenses under check. Perchance, if you fall on hard times, you could arrange for a lower monthly payment or request an extended grace period.
A loan forgiveness program could be arranged with extenuating circumstances. The program would ensure that your loan is forgiven, but you would have to pay forward by volunteering in several community service efforts. You could serve in the military instead than paying.
Until you get on your feet, request that family members give you cash for birthdays or other special occasions instead of that tie or scarf you really don't need. Avoid lending money to friends, particularly since you owe money yourself. It's not uncommon to lose friends along with the money you let them borrow. The way you manage your student loan will, probably, weave the fibers of your financial future. Don't give up on saving, and keep your eyes set on the future.
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