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How to Tackle Student Loan Debt

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How to Tackle Student Debt

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Join our #CreditChat every Wednesday at 3 p.m. ET.
This week, we talked about how to tackle student debt.
ex.pn/studentloan

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What should students know before taking a
college loan?
#CreditChat
Wednesday | 3 p.m. ET

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How to Tackle Student Loan Debt

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Join our weekly #CreditChat on Twitter & Blab every Wednesday at 3 p.m. ET. The Twitter panel included: Sallie Mae - Helping Students and Families Pay for College; Ashley Hill - Scholarship Search Strategist; Inceptia - Non-Profit Org Focused on Higher Education Access, and CordiaGrad - Helping Grads Take Control of Student Loans. The video panel included: Carissa Uhlman - Vice President of Student Success at Inceptia; Ashley Hill - Scholarship Search Strategist; Rod Griffin - Director of Public Education at Experian, and Mike Delgado - Social Media Community Manager at Experian.

This deck features tips from: @SelfLender, @SallieMae, @KOFETIME, @GiftofCollege, @CordiaGrad, @Rod_Griffin, @TCAsolutions, @suddenlyfrugal, @taynelawgroup, @ConsolidatedUS, @Kasasa, @nerdgrad, @wisebread, @SmartWomanCan, @care4yourfuture, @GamezLawFirm, @AirForceFCU, @ACAIntl, @MrsAmandaReed, @moneyinmy30s.

Join our weekly #CreditChat on Twitter & Blab every Wednesday at 3 p.m. ET. The Twitter panel included: Sallie Mae - Helping Students and Families Pay for College; Ashley Hill - Scholarship Search Strategist; Inceptia - Non-Profit Org Focused on Higher Education Access, and CordiaGrad - Helping Grads Take Control of Student Loans. The video panel included: Carissa Uhlman - Vice President of Student Success at Inceptia; Ashley Hill - Scholarship Search Strategist; Rod Griffin - Director of Public Education at Experian, and Mike Delgado - Social Media Community Manager at Experian.

This deck features tips from: @SelfLender, @SallieMae, @KOFETIME, @GiftofCollege, @CordiaGrad, @Rod_Griffin, @TCAsolutions, @suddenlyfrugal, @taynelawgroup, @ConsolidatedUS, @Kasasa, @nerdgrad, @wisebread, @SmartWomanCan, @care4yourfuture, @GamezLawFirm, @AirForceFCU, @ACAIntl, @MrsAmandaReed, @moneyinmy30s.

Weitere Verwandte Inhalte

How to Tackle Student Loan Debt

  1. 1. How to Tackle Student Debt
  2. 2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about how to tackle student debt. ex.pn/studentloan
  3. 3. What should students know before taking a college loan? #CreditChat Wednesday | 3 p.m. ET
  4. 4. #CreditChat Wednesday | 3 p.m. ET “Students should know how long it will take them to repay back that loan and whether it’ll be easily manageable for them.” - @SelfLender
  5. 5. #CreditChat Wednesday | 3 p.m. ET “A private education loan can be a responsible way to fill the gap between the COA and funds you already have.” - @SallieMae
  6. 6. #CreditChat Wednesday | 3 p.m. ET “Students should know everything about how much money they owe, principal + interest, and terms of repayment for student loans” - @KOFETIME
  7. 7. #CreditChat Wednesday | 3 p.m. ET “Only borrow what you need. Explore/research starting salary and payoff terms. Understand the actual cost of degree. ” - @GiftofCollege
  8. 8. #CreditChat Wednesday | 3 p.m. ET “It’s not free money. Make sure you only borrow what you need and know how much your monthly payments will be after school.” - @CordiaGrad
  9. 9. #CreditChat Wednesday | 3 p.m. ET “Understand the difference between subsidized and unsubsidized student loans.” - @Rod_Griffin
  10. 10. What are easy mistakes to make when applying for or taking out student loans? #CreditChat Wednesday | 3 p.m. ET
  11. 11. #CreditChat Wednesday | 3 p.m. ET “Do not rely on student loans alone. Get a part-time to cover as many costs as possible.” - Take Charge America @TCAsolutions
  12. 12. #CreditChat Wednesday | 3 p.m. ET “Accepting the terms without understanding them. For private loans, make sure you know when you are going to start payments.” - @CordiaGrad
  13. 13. #CreditChat Wednesday | 3 p.m. ET “Know the different terminology in the financial aid letter. Grants you don’t have to pay back. Loans you do.” - Writer Leah Ingram @suddenlyfrugal
  14. 14. “Failing to exhaust free money first. Gift aid such as grants and scholarships do not have to be paid back.” - @SallieMae #CreditChat Wednesday | 3 p.m. ET
  15. 15. #CreditChat Wednesday | 3 p.m. ET “Students need to make sure they are using their loan appropriately. They should not be spending the money on leisure activities.” - @taynelawgroup
  16. 16. How can college students reduce the amount of loans they’ll need? #CreditChat Wednesday | 3 p.m. ET
  17. 17. #CreditChat Wednesday | 3 p.m. ET “Do your research: apply for scholarships and grants well before applying to college. Work at least part- time while in school.” - @ConsolidatedUS
  18. 18. #CreditChat Wednesday | 3 p.m. ET “Pick a school you and your family can afford, (net of grants) 4 years at a pricey school may not be worth 25+ years of debt.” - @CordiaGrad
  19. 19. #CreditChat Wednesday | 3 p.m. ET “Choose your school carefully. You can borrow for a pricey university or get the same degree (lower cost) at a state school.” - Take Charge America @TCAsolutions
  20. 20. #CreditChat Wednesday | 3 p.m. ET “According to ‘How America Pays’ 95% of families took at least one measure to make college more affordable.” - @SallieMae
  21. 21. #CreditChat Wednesday | 3 p.m. ET “Look at alternate funding options: scholarships, grants, financial aid. Look early and apply to many.” - @Kasasa
  22. 22. What tips do you have for college grads trying to figure out their finances? #CreditChat Wednesday | 3 p.m. ET
  23. 23. #CreditChat Wednesday | 3 p.m. ET “Seek out information! Talk to friends, family and trusted advisors for help when you need it.” - @nerdgrad
  24. 24. #CreditChat Wednesday | 3 p.m. ET “Resist to the temptation to step-up your standard of living just because it’s your first real paycheck.” - @CordiaGrad
  25. 25. #CreditChat Wednesday | 3 p.m. ET “Learn to budget. Also, learn the difference between needs and wants. (Needs = food, housing, etc. Wants = beer).” - @wisebread
  26. 26. #CreditChat Wednesday | 3 p.m. ET “College students should pull their credit report, track their spending, and budget accordingly to figure out their finances.” - @SelfLender
  27. 27. #CreditChat Wednesday | 3 p.m. ET “The no.1 rule to financial success: spend less than you earn. Always keep track of what you spend.” - @SallieMae
  28. 28. #CreditChat Wednesday | 3 p.m. ET “Pay tuition with your loans. Save the rest for repayment or future semesters later. Budget- tell your money where to go.” - Jaymee @SmartWomanCan
  29. 29. How do you balance paying off student loan debt while trying to save and/or invest? #CreditChat Wednesday | 3 p.m. ET
  30. 30. #CreditChat Wednesday | 3 p.m. ET “Allocate a percentage of your paycheck to a savings account and make it a line in your budget.” - @care4yourfuture
  31. 31. “Discipline yourself to add to your savings every pay period - over and above your student loan payments.” - @CordiaGrad #CreditChat Wednesday | 3 p.m. ET
  32. 32. #CreditChat Wednesday | 3 p.m. ET “Pay back your debts, but remember to pay yourself first, your future self will thank you when an emergency happens!” - @KOFETIME
  33. 33. #CreditChat Wednesday | 3 p.m. ET “Build a budget and stick to it.” - @SallieMae
  34. 34. #CreditChat Wednesday | 3 p.m. ET “Come up with a realistic timeline and create a graduated savings plan.” - Daniel Gamez @GamezLawFirm
  35. 35. What are some ways to pay off student loan faster? #CreditChat Wednesday | 3 p.m. ET
  36. 36. #CreditChat Wednesday | 3 p.m. ET “Make payments while still in college. If able, pay more than required each month.” - @AirForceFCU
  37. 37. “Refinance to lower your interest rate. Use the savings to shorten your term.” - @CordiaGrad #CreditChat Wednesday | 3 p.m. ET
  38. 38. #CreditChat Wednesday | 3 p.m. ET “Many lenders have alternative payment programs for borrowers who are unable to make payments.” - ACA International @ACAIntl
  39. 39. #CreditChat Wednesday | 3 p.m. ET “Pay more than the minimum each month. Paying even a little bit extra can go a long way toward paying off loans faster.” - @SallieMae
  40. 40. #CreditChat Wednesday | 3 p.m. ET “Pay interest on your loans while you are in college or during your grace period. It saves a lot of money in the long run.” - @care4yourfuture
  41. 41. What should you do if you’re having trouble paying your student loans? #CreditChat Wednesday | 3 p.m. ET
  42. 42. #CreditChat Wednesday | 3 p.m. ET “If you’re having trouble making payments, don’t panic. Contact your lender/collector for a solution.” - ACA International @ACAIntl
  43. 43. “Contact your lender to tell them. Reputable servicers will try to work with you. Don’t ignore the problem, it won’t go away.” - @CordiaGrad #CreditChat Wednesday | 3 p.m. ET
  44. 44. #CreditChat Wednesday | 3 p.m. ET “Consider downsizing, finding free housing with friends or family. Ask for help. Find better-paying job. Take up a side hustle.” - @MrsAmandaReed
  45. 45. #CreditChat Wednesday | 3 p.m. ET “If you’re having financial challenges, don’t ignore them. At first sign of a difficulty, contact your lender.” - @SallieMae
  46. 46. #CreditChat Wednesday | 3 p.m. ET “Ask repayment options, yet lower monthly payments means more interest over the life of the loan.” - @AirForceFCU
  47. 47. What are pros and cons of student loan consolidation programs? #CreditChat Wednesday | 3 p.m. ET
  48. 48. #CreditChat Wednesday | 3 p.m. ET “Pro: Can lower your interest rate, variable interest rates turns into a fixed interest rate, and lower your monthly payments. Con: An original fee, forgoing other repayment plan options, and losing perks from your current lender.” - @care4yourfuture
  49. 49. #CreditChat Wednesday | 3 p.m. ET “Pro: If you consolidate by refinancing with a private lender, you can both reduce your interest rate and simplify payments. Con: Consolidating in the federal program doesn’t reduce your total monthly payment.” - @CordiaGrad
  50. 50. #CreditChat Wednesday | 3 p.m. ET “Pro: One payment at one interest rate, lower payments. Con: Losing ‘grace’ period and lender benefits. Extending the repayment terms = paying more overall.” - @AirForceFCU
  51. 51. Any final tips for paying off student loan debt? #CreditChat Wednesday | 3 p.m. ET
  52. 52. #CreditChat Wednesday | 3 p.m. ET “Make it priority when you get your first paycheck. Taking steps to live ‘debt free’ is also a way of investing in your future.” - Andie @moneyinmy30s
  53. 53. #CreditChat Wednesday | 3 p.m. ET “Try to pay off your debts that have the highest interest rates first. Usually that means the priority is to pay down your credit card.” - @CordiaGrad
  54. 54. #CreditChat Wednesday | 3 p.m. ET “Lenders and Collectors are there to assist you in the loan repayment process. Communication is key!” - ACA International @ACAIntl
  55. 55. #CreditChat Wednesday | 3 p.m. ET “Create a plan to pay down your student loans, set a budget, and make sure your servicers have your up-to-date contact information.” - @SallieMae
  56. 56. #CreditChat Wednesday | 3 p.m. ET “Know what you are signing up for and why, this decision could affect the next 10 to 20 years of your life.” - @care4yourfuture
  57. 57. #CreditChat Wednesdays | 3 p.m. ET Check out all the resources and tips shared: ex.pn/studentloan
  58. 58. #CreditChat Wednesdays | 3 p.m. ET Join Us Every Wednesday at 3 p.m. ET. experian.com/creditchat

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