Road to successful repayment

Congratulations to all you new college grads! You’re starting down a new road in life—and one of the places you’re headed is toward repayment of your student loans.

Typically, your repayment will begin six months from your graduation day, so you’ve got a nice long journey ahead. In order to make the most of it, follow these tips:

  • Don’t make it rocky. Rocky roads are only desirable in ice cream. Make things easier on yourself by keeping your finances stable over the next six months. Keep large purchases to a minimum and try to not to take on any additional expenses. In other words, don’t load up your credit card, or buy an apartment full of new furniture on an extended payment plan.
  • Keep your eyes on the road. Try to stay focused on your upcoming repayment by putting some extra money into savings each month. Ideally this will be the full amount of a monthly student loan payment—it will help you build that payment into your budget and build up a nice cushion of savings in the process. If you don’t have a full-time job yet, that might be tough to do, but try putting away at least some extra money each month.
  • Get a tune up. Maybe your finances need a little attention as you head toward repayment. This is the time to work on it: build a budget, start a savings account, pay down any credit card debt, keep good financial records, monitor your bank accounts, etc.

Be sure to let us know if you have questions on your road to repayment of your student loans.

About Caroline Hanson

Caroline is a communications consultant for Wells Fargo Education Financial Services. Although she has been known to forget her own ZIP code, she has memorized the lyrics to every bad 1970s pop song ever written. Unfortunately, she also loves karaoke. Caroline spends her spare time at Target®. She also likes biking slowly and has participated in RAGBRAI. Caroline is a graduate of Iowa State University and has worked in journalism and public relations for the past 14 years. She lives in Iowa with her husband and has a 19-year-old stepdaughter and 2-year-old son.
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3 Responses to Road to successful repayment

  1. wallstreeter says:

    the family insurance bit is a biggy. at my school, getting the school’s health plan means tacking on around $10,000 to your tuition. make sure that if you’re given the option to take on the school’s health plan or just stay on your parents’ plan, you opt for your parents’ plan. in that case, you’ll usually just need to bring your health card with you if you need to go to the doctor.

  2. eric says:

    a better tip would be directed to the schools themselves to stop over charging for an education.

    middle/lower class kids having to get buried in student loan debt is sickening.

    basically, what this suggests is how to manage your new life of debt – as if that’s ok.

    this post does nothing to deal with the real problem.

The Student LoanDown

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