Three Helpful Ways to Manage Student Loan Debt
You’ve graduated from college, have started a new job, and possibly even started a new family. Things are going great except you have student loan debt looming over your head. For many, it can be in the thousands of dollars with no end in sight. In fact, we’re often asked by clients what they should do about student loan debt. The answer is there’s no one fail-safe answer.
There are a lot of factors that you need to keep in mind when it comes to student loan debt. Here are three macro factors to keep on your radar screen:
Student loan forgiveness.
There has been a lot of talk in the media about student loan forgiveness and we’ve fielded numerous questions about this. It’s important to remember that nothing has been done yet. There is no student loan forgiveness as of the writing of this blog. It is something that is on our radar screen but there has been no determination out of Washington DC as to what it would look like, or if it is even going to happen. So don’t make planning decisions based upon what may happen.
Consolidate your student loans.
Consolidating your loans combines all your loans into one monthly payment with one service provider. If you qualify, and if there is enough difference in the interest rates from what you’re paying to what you may pay, you may want to consider consolidating your loans. This could save you money through a lower interest rate, but every situation is different so check with your current loan providers or a financial advisor.
Don’t get hyper focused on your student loans.
When it comes to student loan debt it can be extremely overwhelming. Especially if you went to a school that had a higher tuition and you needed to take higher loans. It can be tempting for you to become hyper focused on just paying off your loan while ignoring other parts of your financial life.
Be sure you’re giving an appropriate amount of focus to all parts of your financial plan, so you don’t get behind in other parts which are going to be more vital in the future.
If you have questions about student loan forgiveness, or about your financial goals, give us a call at (704) 987-1425 or visit us at www.northmainfinancial.com. If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.
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These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of SagePoint Financial.