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5 Tips on Tackling Student Loans While Job Searching after Graduation

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It is that time of the year again, where graduates turn their tassels, and throw their hats into the air, after years’ worth of studying and hard work. This moment is often met with tears, excitement and anticipation for the future. Although the economy has picked up since 2008, getting a job may take time for new graduates. Unfortunately, after the dust has settled, many must come to grips with the reality of student loans. Here are a few tips on how to handle this debt while looking for a job:

1) Understand Your Loan

Although this cannot be said for all, sometimes, students sign off on loans without reading the fine print. It is important to know what kind of loan you’ve obtained to best tackle how you plan on paying it off in the future. Remember that the kind of loan you choose, affects how stringent your payment options are. If you don’t remember the details of your loans you can always check www.nslds.ed.gov for federal loans, and contact your school for information on the paperwork regarding your private loans.

2) Pay Attention to Your Grace Period

There is always time allotted to you, in which you are not expected to make payments on your student loans after initially leaving school or dropping below half-time. You can find out how long your grace period is by reading your loan promissory note, or contacting your lender directly. Always stay on top of your grace period dates, to keep from getting into a situation, where you owe money and not know. Continuously, unpaid loans can leave a long-term dent in your credit report.

3) Maintain Contact with Lenders

Staying in contact with your lenders is important. They need to know if you’ve moved, if you got married and changed your name, so that you can resolve any minimal issues that may pop up, so that they don’t evolve into big ones. You don’t want loan officers to send you information concerning your debt, and not receive it.

4) Don’t be Afraid to Negotiate

Based on your current financial status, don’t be afraid to find some way to discuss the lowering of interest rates, and the adjustment of payment options. Lenders are more willing to negotiate with a reliable buyer, who has a history of making payments on time. Utilizing these skills after graduating, can be useful for future endeavors in relocating or job salaries.

 

5) Conjure Your Future Budget

Before you land that special job, think as if you already have it, and start planning how you will budget all of your expenses with your prospective checks, based on the market value of your prospective salary. Maintaining a strict budget may require sacrifice at times. Also, remember to keep track of where, and how you are spending your money, and don’t forget to utilize programs like Excel to help you do this more easily.

 


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