Thursday, January 3, 2013

Tips for managing your student loan payments


PAY SMART: Our advice for managing student loan payments 
If you have taken out student loans to pay for your education, there is some important information you should know about the repayment process. Philly.com writer Erin Arvedlund recently asked me to share my expertise about the repayment process, especially for students who are behind or have defaulted on their payments.

One of the crucial tips I told her about was to look into "income-based" repayment plans, where monthly payments are capped at 15 percent of your income after basic living expenses, to help mitigate expensive fees. I also explained that students shouldn't consolidate their debt unless they have no other choice, as it can increase interest rates considerably.

To get more of the information I offered Erin, read her article in full. If you have any more questions regarding student loan payments, feel free to leave a comment here, or reach out to me directly via email.