Once you have your degree, the hard part should be over, right? Sometimes the answer is a resounding no. The hard part for many has just begun after receiving a degree, because now you are expected to pay back student loans.
Consider the attorney who finished law school ten years ago. He works at a small hometown practice, and he and his wife have just welcome twins into their family. Even with an attorney’s salary, he could be paying off student loan debt for years. That’s just the practical side of many professional programs. You go to school hoping paying off student debt will be a piece of cake once you have a degree, but other life expenses can make a payoff much harder.
Not to worry, though; there are some tips you can follow to make paying off your student loans less daunting.
- Consolidate loans. If you can, figure out which loan has the lowest interest rate and try to batch your other loans and lock in that rate.
- Find a company that has a debt forgiveness policy. While few and far between, companies that will work with you to pay off debt are still out there. Ask when you go in for an interview if a company has a similar policy.
- Talk to the loan company to see if you can extend the amount of time you have to repay your debt.
- Consult a student loan attorney if your debt burden is too much or if the majority of your loans aren’t federally insured.