What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings
Student loans account for over $1 trillion in debt in America. If you’re part of that figure, you’re not alone.
If you’re part of this group, here’s a starting point for managing your debt: Analyze your circumstances (everyone’s different!) and develop a strategy to work your way out of debt.
Analyze your circumstances (Figure out where you are)
- How much debt do you have
- How much cash do you have
- Inventory your private loans
- Inventory federal loans
Develop a Strategy
The overall goals we have it to minimize the cost of the debt and get rid of it as soon as possible. Review your loans for grace periods, consolidation, refinancing, and forgiveness options (both public and private).
Decide on a repayment plan to use. Consider how much interest you going to pay and remember that Time=Money. Postponing repayment may seem like a great idea initially, but with interest it can get expensive. The best strategy is to start tackling sooner than later.