[P] If your income isnt enough, consider other methods of producing money: side projects, odd jobs, or selling things you dont need on eBay or Craigslist. For those whose parents can afford it, working out a joint payment plan can make sense. One graduate we know struck a savvy deal with his parents: if he made the minimum student loan payment every month, they would contribute $100 toward his student loans. Thats $100 he doesnt have to cut from his own budget. As a benefit, making bigger payments will help you pay down the principal of the loan, since the minimum payments often only end up reducing your interest, which balloons back later. Even $ 50 more a month can help.
[Q] Heres an example: if you have a $ 20,000 loan, with a 4.2% interest, rate, you will end up paying an extra $ 2,814 in interest alone over six and a half years. If you increase your payment by only $ 50 a month, youll cut that interest by $ 500 ; ff you can find a way to pay $ I00 more a month, youll save nearly $ 800 in interest. Thats $ 800 more in the bank, and $ 800 less wanted on pointless interest payments.
Take it in stride
[R] Most Americans owe some form of debt; learning how to handle it is a lifelong process. Most of all, dont beat yourself up if youre not perfect at paying down your loans. Some of the savviest financial players struggled for years with their own finances. We all learn in our own time and we rind what works for us and what doesnt. Accept your own progress.
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