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5 Tips to Tackle Your Student Loan Debt
Student loan debt is at an all time high, with college grads throughout the country finding themselves unable to qualify for mortgages and car loans, struggling to make ends meet, and being constantly overwhelmed by the thought of paying down such a huge amount of debt with such high interest rates.
However, if you can keep a handle on your student loan debt, you can avoid racking up interest, maintain a good credit score, and get out from under the pile in a shorter amount of time. These tips make it easier to start getting ahead of your debt.
Know All Your Loan Details
Information is power and reading the fine print on your loans can go a long way. Make sure that you know your grace period, your interest rate, and which loans go with which lenders if you have a combination of private and government loans.
With this information in hand, you can make decisions about which loan to focus on paying off first (that is, the one with the highest interest rate) and when to start paying. Don’t forget to compare the interest rates of student loans to personal loans, car loans, and other debts you might have so that you can best prioritize.