EDUCATION
Three ways to quickly pay down college debt
Student loan debt is a big concern
for today’s newly minted college
graduates. According to an analysis
of government data by Edvisors.
com, a website that provides fi nancial
information about college to students
and parents, the average student in the
class of 2015 will graduate with more
than $35,000 in student debt. That fi gure
is roughly $2,000 more than the
class of 2014 graduates faced upon receiving
their degrees.
With such substantial debts, it’s no
wonder many college graduates fi nd
themselves looking for ways to pay
down that debt as quickly as possible
once they leave campus life behind.
Paying down college debt may seem
daunting at fi rst, but the following are
some ways for recent grads to get out
from under that debt sooner rather
than later:
Pay more than you owe
The best way to reduce the principal
on student loans quickly is to pay more
than you owe each month. Once the repayment
grace period ends, grads will
see what their monthly student loan
payment is. Paying more than that
amount each month can drastically reduce
your repayment period, and you
will pay considerably less in interest
over the life of the loan.
For example, a graduate who owes
$25,000 and pays six percent interest
annually for 10 years will pay roughly
$278 per month to eliminate that loan
in exactly 120 months. Over those 120
months, grads will have paid more
than $8,300 in interest in addition
to their $25,000 principal. However,
grads who pay an additional $50 per
month will pay their loans off nearly
two years earlier and pay nearly $2,000
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less in interest over the life of the repayment.
Arrange for automatic
deposits into a repayment
fund
One of the more diffi cult parts of repaying
student loans for recent grads
is setting aside enough money to pay
them off. Upon landing their fi rst professional
jobs, new grads are often
making more money than they’ve ever
earned in the past, and many have no
idea how to manage their newfound fi -
nancial windfalls.
In addition to making your monthly
payments via your everyday checking
account, arrange for automatic deposits
into a savings account you will
exclusively use to repay your student
loans so you are not tempted to spend
that money on more frivolous pursuits.
You won’t miss the money if you never
get used to having it, and you will celebrate
the day the balance in your student
loan savings account matches the
payoff amount on your student loan
balance.
Make plans
Failure to make a plan is one way
to miss the opportunity to pay off your
college debt as quickly as possible.
Make specifi c fi nancial goals, such as
owning your own home in “X” amount
of years or saving money for postgraduate
tuition. Having specifi c goals and
plans in place can provide the motivation
you need to pay down college debt
sooner rather than later.
Student loan debt intimidates
many recent graduates. But those who
stay disciplined can repay their loans
quickly and regain some fi nancial
freedom as a result.
Take a course in dorm safety
College students have a few different
living options at their
disposal, but many opt for dormitory
living, as it is one of the more
convenient and popular boarding options,
particularly for out-of-town students.
Thousands of post-secondary
students pack up their belongings and
move away from home in the pursuit of
an education, and parents want to do
what they can to ensure their collegeaged
kids are safe.
For many students, college represents
the fi rst time they will live anywhere
other than the homes they grew
up in. Dorm life can be an exciting adventure,
but it can also be one that may
open new college students up to inherently
risky situations.
While students should look forward
to fun and excitement at school, it’s also
important for them to be prepared for
what lies ahead at college and in dorm
life — and to take the proper safety
precautions:
Fall in with a trustworthy
group of dorm friends. Friends can
be informed of your schedule for both
classes and work, so they are aware of
where you are supposed to be at certain
times of the day. If something is
amiss, these friends can alert authorities
or investigate your whereabouts
further.
Lock your dorm room door. Always
keep the dorm room door locked,
and make sure your roommate is on
the same page. Locking the door can
deter people from entering without
your permission and prevent theft.
Keep belongings out of sight.
When preparing to move into a dorm,
leave heirlooms or expensive jewelry
at home. Once you move in, store your
more valuable belongings out of sight
or in a locked box or safe. Consider getting
insurance for dorm belongings,
which will protect you in the event of
theft.
Travel in groups. When attending
parties or other functions, always arrive
and leave in a group. This offers
extra protection, as assaults and other
crimes are less likely to occur when
criminals are outnumbered.
Know the evacuation routes.
Learn your dorm’s evacuation policies.
Know where all exits are and how
to get out of the building if exits may be
blocked. Find out if fi re drills or other
safety procedures are practiced, and
participate in them.
Use the elevator. If there’s an elevator,
use it. Stairwells are secluded
and dark and often provide the perfect
opportunity for would-be criminals to
take advantage of unsuspecting students.
Use common sense and trust your
instincts with regard to dorm safety.
Make college memories good ones by
emphasizing caution.