2 years ago
Being the 2nd largest money problem in US, student loans look really terrifying. In fact, sometimes you just can’t solve the situation without these debts and that’s why you have them. So, what should the students do? Well, that’s what the Typical Student team will talk to you about. Here are 3 tips that may help you!
#1 Pay Off High-Interest Debt
In case your student loans are your highest-interest debt, a windfall of cash would be well spent on paying down your balance. To make a long story short, you will have a lump-sum payment you can direct right toward your principal balance.
However, even logging into your loan service website and making a bigger payment may not help. Different providers can treat it like an early payment.
#2 Refinance To Invest In Your Future
This is a wise step to think of! You can make the payments more manageable and regular with refinancing. For example, you can refinance both your federal and private student loans together.
#3 Bulk Up Your Emergency Fund
Even if you think that you don’t have enough money, you 100% need this fund. It doesn’t matter if you have a big loan balance, always try to save a couple of dollars because you can never know when you will need them.
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