3 Things To Remember When Paying Student Debt
May-The Month of Making It Happen!
This week I decided to read “The Money Book for the Young Fabulous & Broke” by Suze Orman, this book is bursting with tips to help you lower your bills and raise your credit score and so much more. Especially if you’re like me and you just graduated and all you can think about is paying off your student debt as soon as possible.
I will be discussing:
1. Payback Your Student Loans
2. Pay It Off In A Timely Manner
3. Pause Your Loan Repayment
And be sure to read my last blog on “Book Review: 4 Tips To Get From College To Career” & FREE Download: May 2019 Motivational Quote Desktop Wallpapers.
If I could some up this book into one word it would have to be the word ✏️Frugal: sparing or economical with regard to money or food.
1. Payback Your Student Loans
It’s best to begin paying off student loan after graduation, time and interest are enemies when you’re trying to become debt free. A majority of Federal loans have a 6-month grace period which gives you time to adjust instead of paying your debt once your tassel is off. During this grace period, the interest will still continue to grow, especially if it’s an unsubsidized Stafford loan. Which is why it’s important to start paying as soon as you can and remember that autopay is your friend. Missing payments is the best for you or your credit, so make sure you set up the direct payments to get rid of the debt.
2. Pay It Off In A Timely Manner
If you can pay that loan off in 10 years, some repayment plan allows you to stretch your payments out over 20–25 years. But why wait that long, you will still end up paying a high amount of interest. Even if your remaining balance will be forgiven but reported to the IRS as taxable income. Causing you to go from student debt to a major tax bill with the IRS.
3. Pause Your Loan Repayment
If you still have yet to find a permanent position than it would be best to ask for a delay in your loan repayment. If you’re deciding to go back for your Masters then you should definitely apply for a deferment or forbearance, which suspends your payments but the interest will still continue to grow.
Would I Buy Or Read Again?
Can I see myself re-reading Suze Orman’s book “The Money Book for the Young Fabulous & Broke” again? Yes! Can I see myself even purchasing “The Money Book for the Young Fabulous & Broke”? Yes, this book is like a money manual and easy to grasp so you apply it to your life immediately.
The Question of the Week is inspired by Suze Orman’s book “The Money Book for the Young Fabulous & Broke”. Do you have what it takes to be an ‘Everyday Millionaire’?
Answer: I know that I do, because I just don’t have the time to be poor.
Catch up on my last blogs on “Book Review: 4 Tips To Get From College To Career” & FREE Download: May 2019 Motivational Quote Desktop Wallpapers.
If you have any book suggestions add them below in the comments, and look out for new book reviews every Sunday. And remember “As we ‘Rise to Be’, we are becoming who we want to be” I am Christina B. Rising and I will always be rising. 🤗
