What are some future consequences of borrowing too much debt? The weight of debt is forcing many to put off saving for retirement, getting married, buying homes and putting aside money for their own children's educations. Heavy student debts may also keep young adults from starting businesses. Some graduates will refuse to risk what little money they have on entrepreneurial ventures. And securing loans will now be harder. How do you plan on repaying your student loans?
I have Stafford loans and I am automatically enrolled in the standard repayment plan. I will stick with this plan, under which I make 120 equal monthly payments over a ten-year period. I will also make sure to take advantage of any discounts, such as taking 0.25% off the interest rate for having payments deducted automatically. I want to unload my loans on a faster timetable and save on interest, so I will be paying a bit more than the allotted amount each month. What is one positive thing you can do to keep your student loans under control? I will read all of my mail. I get tons of information concerning my student loan. I received my mail, almost immediately prior to my first class and I will continue to receive student loan letters throughout and following my graduation from college. Consequently, it is crucial that I read through the entire stack of mail carefully. Therefore, if I have any concerns, or there is information I do not understand; by knowing what is going on now I can get the problem resolved right away.
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