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How do I pay off student loans once I graduate college?

College is very expensive and no one has explained this part of the process. #money #everyonedealswithit

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Mike’s Answer

Thinking about this question is the first step. As you prepare to graduate college and everything that follows (e.g. where you will live, whether you will buy/rent a car or public transit, etc.), thinking about how you will pay off your student loans should be a consideration. I would suggest cutting back on things you don't absolutely need to make payments larger than the minimum as all of that "extra" money per month goes to your principal balance and reduces the amount of interest you will pay in the future.

Mike recommends the following next steps:

Figure out how much you will have to spend after taxes
Include your minimum payment and extra payment , if possible
Keep your student loans top of mind and know that you will pay them off and it won't be something you have to think about forever
Still enjoy life! You made a great investment!
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Alejandro’s Answer

Hi Nina,

Excellent question. My first piece of advice regarding this questions is to analyze your monthly income and your monthly expenses. From there, you will figure out your cash flow (if you have money left over or not).

2: Figure out how much your minimum payment is and try pay that. If you find yourself with extra money after expenses and paying down your minimum monthly student loans, then try to make an extra payment when possible. Many times, depending where you have your student loans are at, they have a software where it runs a model and shows you "if you were to make additional payments". Utilize those tools given to you.

Like Mike said, Enjoy life !
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