Mistake #4…”Oh why do I have to create a Plan to pay back my student loans?”

Budgeting your student loans is crucial.
By Genevieve Dobson

Just like any other debt you owe you have to plan on how you will pay back your student loans.  Key to success with handling student loan debt or any debt is sitting down and calculating how much you owe and how much it will cost to pay back the debt based on the balances, interest rates and length of time allotted to pay it off.

Budgeting your debt requires contacting your lender or pulling up your debt balances online to determine what your current outstanding balances are so you can start to calculate your payments.  By doing this you can also determine if you qualify for any reduced payments on your federal loans like the IBR or Pay-as-you-earn plan.  It also allows you to make certain you have set up your online account with each lender and updated your contact details with them.

This Mistake can be easily avoided but you must first avoid Mistake # 1 which was pretending as though the debt doesn’t exist.  Once you come to grips with the fact that you have to pay back the debt you can better prepare yourself for the debt you must tackle and begin to make the right choices on the best way to handle it.

If you missed Mistake #1 check it out here:

Budgeting can not be avoided no matter how much you may want to try to pretend as though the debt doesn’t exist.  It allows for a conscious plan of action that will ensure a better chance of handling the student loan payments accurately.To learn more about budgeting make sure to check out the video I put together all about Mistake #4 below and stay tuned for the final Mistake coming soon.

You can get more information about budgeting by checking out my website at www.degreesofsuccessinfo.com.  I can provide you with a free assessment of your best options to make budgeting easier.