The 5 Best Ways to Manage your Student Loans
September 15, 2022
Do you have student loans to manage this year? At MSUFCU, we understand that student loan debt can be overwhelming. We’re sharing 5 of the best ways to manage your student loans and become more confident in your finances.
1. Get Organized Early
Even if you are currently a student, it’s never too early to get ahead in managing your student loans. Paying attention to your loans while in school is a great first step in getting organized. Make sure to note when your grace period ends and not to miss your first payment.
2. Establish a Repayment Method
Next, it is important to establish your repayment method. There are many short- and long-term payment plans to choose from, allowing you to meet the needs of your financial situation.
While establishing your plans, it is also a good idea to add loan repayments into your budget. This will allow you to make adjustments to your spending habits and update your budget where needed.
3. Automatic Payments
Making payments on time is an important way to stay on top of your student loans. Make this step easier by opting for automatic and synchronous payments.
Synchronous payments are used to set all of your loan due-dates to the same day. This helps minimize the number of dates you need to keep track of each month.
Enrolling in automatic payments will also help ensure you don’t miss a payment. This feature will automatically take money from your checking account and use it to pay your loans for you.
4. Making Additional Payments
If you’re able to, making additional payments when you can, is a great way pay down your student loans. These extra payments could potentially decrease interest and help you repay your student loans more quickly.
5. Utilize Online Tools
Finally, managing your finances online keeps all of your accounts in one secure place. There are many forms of online financial tools including mobile apps, financial calculators, and more – all available to help you navigate financial topics like student loans.
If you are looking to apply for student loans this year, MSUFCU offers many great options. Visit msufcu.org/studentloans to learn more about MSUFCU’s competitive student loan interest rates and multiple repayment options.