Managing Your Debt Load
Monthly Budgeting
Welcome to the fun part of finances, budgeting. Ok maybe it's not fun but it can make a big difference by taking a few minutes out of your day.
Affording your loan and rent payments are not the primary concern, they are the first bills you'll pay each month. Graduates find themselves getting behind when they don't look at the whole month of bills. The smaller bills that add up throughout the month can leave you with little to make next month's payments. Food, transportation, credit card and the commonly forgotten entertainment bill can add up quickly. The 4 steps to managing your bills are:
- Understand how much is coming in each month, after taxes.
- Plan for each expense. Set aside enough for each expense every week.
- Track your spending. Cash can be spent easily and is difficult to keep up with, use a debit card if you can and read your statements every now and then. You'll be surprised to see where exactly your money is going!
- Pay yourself first. Plan to put a little aside each pay check before you begin spending. No matter how small, your savings will add up and help you out when that rainy day comes.
Remember To Pay Your Loans
Federal Student Aid is no different from other loans you may carry. Car loans or credit cards all require monthly payments. Unless you are in grace, deferment or forbearance, the federal government requires that you continue to make regular monthly payments on your loan.
Remember not making payments on your loans will result in a lower credit score, collections and possible withholdings of your federal tax returns.
If You Can't Make Your Payments
Call, Right Away! There are many programs to help you in times of need but you must call and ask for help: (800) 964-0642.
Estimating Your Monthly Payments
By now you've entered repayment. How much will it cost you? What payment options are available? If you have an idea of your loan balances and interest rates visit:
Online Loan Payment Calculator
Otherwise call a student aid representative at: (800) 964-0642. They will be able to tell you* your loan details and what options exist for making payments.
Reducing your monthly Payments
You can reduce your monthly payments and possibly the interest you pay each month by consolidating. For more information, click here.
*For security purposes, all calls must be screened to ensure personal loan data is shared only with the loan holder. Phone representatives will require you to confirm your Name, Address, Date of Birth and Social Security Number before sharing your specific loan details from NSLDS.
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