Tips1 -Student Loan Statistics
Up to 60 percent of undergraduates take out student loans to help finance their education, and they have an average debt of $23,000. The numbers of borrowers and the average amount borrowed increases with graduate degrees.
Tips2-Choose a Repayment Plan that Works for You Tips Student Loan
1. Standard Repayment Plan - This plan is usually the first one offered by the lender. The terms of this plan include making regular, fixed payments for 10 years.
2. Graduated Repayment Plan - This plan allows the borrower to make lower payments to begin with, and then increases the amounts of the payments.
3. Extended Repayment Plan - This extended plan stretches out the payments for up to 30 years.
4. Income-Contingent Repayment Plan - This plan adjusts the amount of the payments to make them manageable for your income level.
Tips3-Investigate Loan Forgiveness Programs Tips Student Loan
If you aren't eligible for a student loan forgiveness program, volunteering may reduce your student loan debt. For example, participating in some volunteer programs, such as the Peace Corps or AmeriCorps, can cut thousands of dollars off your student loan debt when you agree to volunteer for a specific time period. These programs aren't for everyone because most of them represent a significant time commitment that will probably prevent you from working a regular job. However, if this volunteer experience will improve your job skills or your chances of finding employment, you may benefit from the experience as well as the loan forgiveness.
Tips4-Pay as Much as Possible
When you may more than the minimum amount on the loan, the amount that you pay over the minimum is directly applied to the principle. If you do this each month, you will reduce your principle much more quickly than you would if you only made the minimum payments.Article Source: http://EzineArticles.com/6982159 Tips Student Loan