Although student loan payments seem like months away, now is the time to prepare.
You may have recently graduated from college and are enjoying this new chapter in your life being a college grad. Congrats! Although this “grace period” feels like a great time to take a break before your student loans kick in, now is actually the time to prepare for these payments. Milledgeville State Bank wants to help you be ready for student loan payments with the following tips:
Tip #1- Organize your Loans: If you have a variety of loans (i.e. federal, individual) it is important to track down the basic information about each loan. Check for the start date of the payments, how much you owe and what your monthly payments will look like.
Tip #2 – Talk with your Loan Provider: Start the relationship with your loan servicer now by updating your contact information and discussing any questions you have with your loans. Developing a positive relationship now will help build accountability and respect between you and your loan servicer.
Tip #3 – Explore Repayment Options: There are a variety of terms and interest amounts that can affect your loan payments. If you recently got a job, this will help you better understand your monthly income and what you can afford each month.
Tip #4 – Make a Budget: Making a monthly budget is important for endless reasons! But starting a budget during your grace period will help you build good habits as well as get a better picture of what your finances will look like when you start making student loan payments. Getting comfortable with your budget now will ease the shock when student loans kick in.
Tip #5 – Relax! If you are preparing to pay your student loans ahead of time, then you’re already ahead of the game. Continue speaking with your loan provider, financial aid office from your university and don’t be afraid to seek advice from your local bank or parents.
However long your grace period may be, now is the time to start planning for student loan payments. Paying off student loans will be tough, but planning ahead can help! Milledgeville State Bank is here for your banking needs and any questions you may have. Good luck!