Evaluate repayment.<\/strong><\/p>\n<\/div>Much can change within our big picture in three years. Is your student loan payment still affordable? Check out the Department of Education\u2019s Loan Simulator to help decide what repayment strategy fits your priorities \u2014 for example, do you value a lower monthly payment or faster payoff? Look into an income – driven repayment plan which takes your current earnings into account and can lower your monthly payment.<\/p>\n<\/div>
Set aside savings.<\/b><\/p>\n<\/div>Once you know what your monthly loan payment will be, transfer that amount to a separate savings account monthly, starting right away. By accounting for this reduction in your budget sooner rather than later, you\u2019ll lessen the initial impact of repayment (since you\u2019ll now have money set aside) and you\u2019ll be back in the habit of making this a monthly routine. Consider consolidation.<\/p>\n<\/div>
Consider consolidation.<\/b><\/p>\n<\/div>Depending on whether you have federal loans, private loans, or a combination, loan consolidation could potentially reduce your payment burden. For federal loans, you can apply for a Direct Consolidation Loan which allows you to combine education loans with zero application costs, and most people complete the process in 30 minutes or less. You can also refinance your private education loans (in which you replace one or more private loans with another.) This happens through a private bank, credit union, or online lender.<\/p>\n
Seek support. If you\u2019re feeling overwhelmed at the prospect of repayment, you don\u2019t have to figure it all out on your own! Connect with your financial institution to see what services they c an provide or take advantage of free student loan counseling through GreenPath Financial Wellness. GreenPath counselors help you look at your total financial picture to develop a personalized repayment plan.<\/p>\n<\/div>
Seek support.<\/b><\/p>\n<\/div>If you\u2019re feeling overwhelmed at the prospect of repayment, you don\u2019t have to figure it all out on your own! Connect with your financial institution to see what services they c an provide or take advantage of free student loan counseling through GreenPath Financial Wellness. GreenPath counselors help you look at your total financial picture to develop a personalized repayment plan.<\/p>\n<\/div><\/div><\/div><\/div><\/div>
This article is shared by our partners at <\/strong>GreenPath <\/strong>Financial Wellness<\/strong><\/a>, a trusted national <\/strong>non-<\/strong>profit.<\/strong><\/em><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"After a historical hiatus throughout the pandemic, borrowers now face federal student loan repayment. Evaluating your full financial picture and making a repayment plan goes a long way towards reducing stress and uncertainty. Unsure where to start? Read on!<\/p>\n","protected":false},"author":1,"featured_media":13769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[122,124],"class_list":["post-13749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-collegefinancialaid","tag-education","tag-greenpath"],"yoast_head":"\n
Student Loan Repayment, Simplified - Widget Financial<\/title>\n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n \n \n\t \n\t \n\t \n