Bethany McCamish is a freelancer, teacher, and content creator for the His and Her FI blog and podcast. Her writing has been featured by multiple personal finance sites including Rockstar Finance, Women Who Money, and Money Middletons. She believes that transparency about money, planning, and saving can change the college experience for the next generation. When she is not working, she can be found hiking with her massive dogs or traveling the world and taking photographs.
Have you ever been gripped by nausea because you suddenly remember you missed a payment? Automating your bills, especially your student loans, will help relieve your worries. Automation within the financial world is easy and protects your financial health. Auto-pay will automatically withdraw your student loan payment from your checking account. You may even save some money, along with peace of mind.
It is your turn to plan date night. When you have student loans, you worry that date night will involve spending money you don’t have, especially if you follow the crowd with entertainment followed by an expensive dinner. Don’t sweat it. No matter what your interests are as a couple, you can have a date night that won’t hinder your debt payoff plan. Spend time instead of money for a fun date night.
Not all student loans are created equal. Some student loans have advantages and some have disadvantages. Avoid these common mistakes that have cost consequences when borrowing a student loan. Understand your borrowing options and do your research before taking on student loan debt.
More than 90% of private student loans are borrowed with the help of a cosigner, according to the Consumer Financial Protection Bureau (CFPB). But, cosigning a loan can affect the cosigner’s credit, such as limiting the cosigner’s ability to buy a home or refinance a mortgage. As a result, cosigners would like to be released from their obligation to repay the debt. Understanding how cosigner release works can help borrowers qualify for cosigner release.
You helped your student get through college by taking out a Federal Direct Parent PLUS Loan. These loans, which are your responsibility to repay, enter repayment 60 days after full disbursement or 6 months after your student graduates or drops below half-time enrollment. There are several options for repaying Parent PLUS Loans.
There are some serious flaws in refinancing your student loans. Some websites generate revenue by advertising refinancing options and they may not have your best interests at heart. Avoid these refinancing mistakes by understanding how the process works for your specific situation.
Making more than the minimum payment on your student loans is one of the most effective ways to pay them off faster. A larger payment reduces the total amount of interest you will pay. You will need to take a hard look at your budget to reach a balance of zero more quickly.
Making extra payments can save interest on your student loans. While you could cut your budget or tighten up your spending, it is not the only option for freeing up extra money to pay back student loans. If you do not want to cancel your Netflix subscription, consider increasing your income instead.