Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Student Loan Repayment and other Student Loan topics.
You will find that different lenders will offer different types of repayment plans for your undergraduate loans. The best way to make a smooth transition from being a college student with a few bills to being a graduate with a lot more is to map everything out.
Figure out what your income is going to be and what living expenses you will have to pay every month. This includes rent, utility bills, phone, etc. Once you have accounted for all the necessities, you will be able to determine how much you can afford in student loan payments.
Now take that figure and look at the repayment plans offered by your lender. Find the one that will work best for you. If none of them are an ideal fit, talk to the bank or provider. See if there is an arrangement that can be worked out for you. There are usually adjustments that can be made, but people are not aware of them because they are afraid to ask.
Asking cannot hurt a thing, so you might as well try. This can mean the difference between living comfortably and surviving on Ramen noodles for three years.
|Jennifer Mathes, Ph.D.|