If you're a college student who is about to graduate, or have recently graduated, you've probably been thinking a lot about your student loans...and how to repay them. Here are a few tips to help you deal with college debt:
- Get smart about your loan payments. The first step in dealing with your student loan debt is understanding how your loans work. There are a myriad of different loan types available, so make sure you know the in's and out's of your loans.
- Start saving during your grace period. Depending on your loan type, your lender may have a grace period between the time you graduate and the time you make your first payment. Avoid the temptation of simply ignoring the debt during this time and instead put it to use. For example, if your loan payment will be $250 each month, put that money into your savings account during the grace period. You can then use it to pay down the loan principal on your first payment.
- Continue to live a "college lifestyle." You're finally out of school and making money (hopefully) at your new job. You should be able to afford a nicer apartment, car or furnishings, right? Wrong. By living simply like you did in your college days, you are able to save extra money that you can then use to pay off your student loans more quickly.
- Find ways to increase your income. Sometimes this is easier said than done, but earning a little extra money each month can go a long way to helping you reduce your overall loan debt.
- Explore loan forgiveness. Many times loan forgiveness programs are offered in certain areas, like low-income or rural areas, when that area lacks a certain type of profession such as: teachers, law enforcement, doctors, etc. Keep in mind there may be many requirements and stipulations required with loan forgiveness, so make sure to check with the financial aid department at your university for more details.
Unity One Credit Union offers student loans in partnership with the Higher Education Servicing Corporation. We're excited to provide this higher education loan option to our members because it offers some of the lowest rates currently available plus many outstanding borrower benefits.
About Unity One Credit Union
Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals.
Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has eight branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™