• By Suze Orman

Repaying Student Loans Part 1

For all the required classes needed to obtain college degree, there is one glaring omission: how to repay your student loans.

Repayment is a priority!

Make paying off your sudent loans your No.1 priority. The penalties for falling behind on student loan payments are fierce, and student loan debt is pretty much inescapable. Even if you were to take the extreme step one day of filing for bankruptcy, your student loan debt would not be wiped out.

Credit card debt, mortgage debt and auto loan debt can all be discharged in bancruptcy. But 99.9 percent of the time, student loans cannot. They stick to you like Velcro, for the rest of your life.

You tipically have just six months from the time you leave school to begin repaying your federal loans. After this so-called grace period, you are expected to begin repayment, even if you don't have a job. And be aware that interest on Stafford loans will continue to accrue during your grace period. Bottome line: The sooner you start repyament, the better.

8 views0 comments

Recent Posts

See All

Cleaning and Disinfecting Your Home

Everyday Steps and Extra Steps When Someone Is Sick What you need to know Wear reusable or disposable gloves for routine cleaning and disinfection. Clean surfaces using soap and water, then use disinf

Customer Notice: A title pawn is a 30-day agreement, meant to be a short-term financial solution. However, borrowers often extend these pawns over a period of 2 to 24 months, which can be expensive. Title pawn customers have the option to extend their agreement at the maturity date, on the condition that finance charges have been satisfied for the period.

DISCLOSURE: This is a solicitation for a pawn transaction. This is not a guaranteed offer and requires approval. Amount subject to vehicle evaluation. Results and actual pawn amounts may vary. Certain limitations apply. Please see our FAQ page for more information.