Tips for paying off your student loan debts

1. Tips for paying off your student loan debts 1. Leverage online financial tools for manages finances Bruce Mesnekoff, A founder of The Student Loan Help Center, strongly suggested using free online financial tools such as Mint, Feed the Pig and 360 Degrees of Financial Literacy. Feed the Pig is an online tool committed to helping young people get control of all their finances—even beyond their student loans. The 360 Degrees of Financial Literacy website can assist you in creating a personalized plan that coincides with your current life stage or you can contact the student loan help center 2. Start creating your monthly budget your own Bruce Mesnekoff recommended creating a budget that includes student loan repayment to help you see where your money is going and evaluate your spending. “Think about your wants versus your needs exactly,” he said. “You may have to give up some of your wants for your better future.” Not sure how to create a budget? One of America’s most famous Student loan consolidation expert Bruce Mesnekoff suggests Many budgeting and money-tracking tools are available online that can help. For example, Mint is a money-tracking tool, while YNAB (You Need a Budget) is a budgeting tool. Mint is free, and YNAB is free for students—something to consider if you are currently enrolled in college or going back to school for a graduate degree. Another tool that can help you track your budget is a simple spreadsheet. In addition to a budget, creating a repayment plan will help you pay off debt sooner. Plan on putting any additional income toward your student loan debt. You can even use Mint to set financial goals. Call your loan provider to ensure that your extra payment is going to the highest-interest loan. This will save you money on interest. 3. Seek assistance If you’re still in college, check out financial resources—such as financial counseling—that are available on campus. Employers may also offer assistance. Debt consolidation is another potential option—though it also could make you more overwhelmed with one large loan, instead of several small loans. 4. Make timely student loan payments to keep your credit score high Depending on the type of loans, graduates may have a six-month grace period before they need to begin making payments. “Figure out what you can afford to pay on your student loans” during that period, advised Bruce Mesnekoff.

2. That planning is crucial because, before long, you’ll need to be ready to start writing checks. Failing to make timely payments will result in all kinds of negative consequences, including harming your credit score for years. “Your credit score is so important if you ever want to lease an apartment or buy a car—it’s a building block for your future,” Team The Student Loan Help Center added. 5. Find creative ways to save money online. For example ,You can get creative by lowering your other bills. “Call your cellphone provider ... negotiate with the cable company,” Bruce said. It may not seem like a lot, but as he put it, “a few phone calls can do a lot” in terms of saving you money that you can put toward your loans. Also, always be on the lookout for free or reduced-price products and services. For instance, borrow books from the library instead of buying them, or use websites such as Groupon and Living Social, Facebook, Twitter to find local deals. 6. Focus on the whole picture, not just student loans Loans are just one aspect of your finances. Bruce advised setting up an emergency fund first with a total of one month’s living expenses. “Have that backup money,” He said. Later on, if necessary, you can use it to make your student loan payments.