Student Loan Success Strategies - Introduction

Student Loan Success Strategies - Introduction - You can do this!

I was responsible to come up with my own finances for undergrad and law school. I have gone through this process twice and have come out debt free. You can do this too.

Actions to achieve success:

A. Understand your loans,

B. Carefully plan a personal budget,

C. Exercise discipline and be consistent in your payments and you will receive the benefits long-term.

Info from "Success Strategies & Repayment Realities: A Guide to Repaying Student Loans," published by Access Group, Inc.

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Student Loan Success Strategies: Interest

Loans are paid back with interest to Lender. A percent charge to the amount of money you received that you pay back to the entity that loaned you money. Example: You get a $50,000 loan with a 10 year pay off at 5% annual interest rate. Year 1: $50,000 x 5% = $2,500 Interest If no payments are made, then most lenders include unpaid interest into the principle and Year 2 will be 52,500 x 5% = $2,625 Interest. The way to pay the least amount of interest is to pay off the loan as fast as possible. Achieve this by paying more than the monthly payment due, if you can. Example: Same $50k loan, 10 yr pay off, 5% interest. A. You pay the minimum amount of $500 a month for 10 years = $16,276.24 interest B. You pay $825 a month for 5 years = $9,065.85, which is ($7,210.39 or 44.30% less than A) C. You pay double the minimum $1,000 a month for 4 years = $7,506.50 ($8,769.74 or 53.88% less than A) Info from "Success Strategies & Repayment Real...

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Getting to Spira

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