If you have ever borrowed money, you know how easy it is to get over your head. Now imagine how much trouble student loans can be! Too many people find themselves owing an enormous amount of money when they graduate from college. For some great advice about student loans, keep reading.
It is important for you to keep track of all of the pertinent loan information. The name of the lender, the full amount of the loan and the repayment schedule should become second nature to you. This will help keep you organized and prompt with all of the payments you make.
Think carefully when choosing your repayment terms. Most public loans might automatically assume a decade of repayments, but you might have an option of going longer. Refinancing over longer periods of time can mean lower monthly payments but a larger total spent over time due to interest. Weigh your monthly cash flow against your long-term financial picture. (more…)