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Chances are that as an international student, you had to take out a number of student loans. Now that you’ve graduated, you’re faced with the rather daunting task of paying them back. This can seem overwhelming, but this article will seek to help you make a repayment plan, and stick to it.
The first step is to find out exactly what you’re dealing with. It can be tempting to remain in the dark as to how much you owe, but you’ll find out that knowing is always better than not.
After you find out how much you owe, the next step is to find out exactly who you’ll be sending your checks to: your student loan servicer. This person is your first point of contact for any questions or changes of address you might have, so don’t hesitate to reach out. Building a successful repayment strategy for student loan debt is essential for shaping your financial future.
You have a number of options when it comes to repayment plans. Make sure to pick the one that works best for you and your specific needs. Possible plans include:
Once you’ve determined your monthly obligation, it’s important that you keep track of your other spending to make sure that you can pay all of your bills. Websites such as Mint.com can help you with your budget. Not sure how to get started, learn more on how to budget for school.
You may find that as you budget, you will have to forego activities or events to pay off your debt. Prioritizing may mean minimizing other forms of debt, or chipping away at student loans before tackling other types of debt, if possible. Student loans are one of the few debt obligations that are rarely forgiven in bankruptcy filings.
While scrimping or sacrificing that make your monthly student loan payments, it can help to remind yourself exactly what you’re paying for. You’ve received a great education that has opened up a huge number of opportunities for you. Remember that it’s all worth it in the long run.