Tips for Managing Student Loan Debt After Graduation
Managing student loan debt after graduation requires strategic planning. First, know your grace period—the time before your first payment is due. Use this period to organize your finances and set up a repayment plan. Evaluate options like standard, graduated, or income-driven plans based on your income and career prospects.
Automate payments to avoid missed deadlines and potentially lower your interest rate. If managing multiple loans feels overwhelming, consider loan consolidation. This simplifies payments but may extend your repayment term. Regularly review your budget to prioritize high-interest loans and seek advice on forgiveness programs. Staying proactive helps maintain control over your debt.
