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6 Ways to Take Control of Your Student Loans

Posted in Borrowing Money on May 3, 2019

You made the effort to learn so you could pursue your professional goals. Now, take a few minutes to learn about some of the most effective options that exist for you to better manage your student loan debt.

Consider federal student loan forgiveness programs

Where you work affects the options available for you to restructure your student loans! If your employer is a 501c3 or government agency, loan forgiveness should always be your starting point. Established by Congress in 2007, these valuable programs can both significantly lower your monthly payment and result in some amount of your loans being forgiven. And you probably don’t even know this program is part of your promissory note with the government.

Evaluate refinancing with a private lender

If forgiveness is not an option, then consider refinancing with a private lender. It can lower your interest rate or shorten the term of the loan to save you money. Keep in mind, once your federal loans have been converted to a private lender, those loans are no longer eligible for federal forgiveness programs.

Set up auto payments

Use of auto payments ensures your monthly payments are always on time and never missed. Loan servicers will often reduce your interest rate by 0.25% when you set up auto payments. It’s an easy way to keep more of your money! If participating in loan forgiveness, it’s often best to set up automatic payments through your bank.

Make a payment when you get paid

If you’re paid bi-weekly, set auto payments for the date of each paycheck. Even better, if your monthly payment is $300, set each payment for $175. Since the money is taken out the same day you are paid, you likely won’t miss the extra $25, but you will pay off your loans faster and save on accrued interest.

Create a goal

If being student loan debt-free is your main financial goal, then put a deadline on it to hold yourself accountable. Having an end goal will encourage you to plan ahead, make sacrifices, delay instant gratification, and most importantly focus on student loan freedom.

Establish a monthly budget AND stick to it

Only 15% of people have a long-term financial plan, so you’re not alone if you don’t have a budget. Start with your monthly income, fixed expenses and savings. Determine an amount for discretionary spending. Tell your family and trusted friends so they can help keep you accountable.  Fiducius created a simple budgeting tool to help you get started:  Budget Planner

If you’re ready to learn more about how you can take control of your student loans, the expert advisors at Fiducius are available to help. With their Student Loan Financial Planning approach, they’ll understand your unique situation and provide a personalized Student Loan Financial Wellness Plan at no cost. Thousands of professionals like yourself already benefit from working with Fiducius using forgiveness to reduce their monthly payments by an average of 81%!

It only takes a few minutes to get started at: https://cdcfcu.myfiducius.com/register. You can also learn more about Fiducius at www.getfiducius.com.

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