America has one of the most expensive education systems in the world and usually students who want to pursue a higher degree of education would resort to student/parents loans. Asian parents usually have no problem with this because a study shows that 73.2% of Asian parents or immigrants save up for their children’s college education the moment they are born or they call it “college fund” so that they don’t have to think about paying for parenting loans later on. But not all of the American population is like that. Some parents think high school education is enough for their kids but their kids might think otherwise and end up getting a graduate loan. This blog post is to give some options on how to pay back student loans after you have already completed your degree. This is for the purpose of students who don’t know where to start in paying.
1) Get another Loan with lower interest – Paying a loan with another loan is not good but what we are suggesting is you get another loan with a lesser interest to pay back the student loan and all you would pay for is that loan instead of the graduate loan which oftentimes have higher interest.
2) Have a financial schedule – As early as starting your years in college, you should already be thinking about making money or saving up money to pay up for your college loan. You can set up a financial schedule of how much you would save and how much you would need to spend while you are in college.
3) Savings – Paying out your student loans through your savings is a good way to pay it up. Spending too much while still under a student loan is not a good way to go and you will regret that later on because you are never sure as to whether what your financial condition is later on.
4) Make it a priority to pay up – Prioritizing to pay your graduate loan and setting your mind to that direction would eventually let you pay up for it.
5) If you get a job – Ask your company if they have benefits that they will pay for you graduate loan – There are some big companies who would pay for the graduate loans of their employees especially if they found the employee as an asset. Don’t be afraid to go ask the human resource in-charge if they have that benefit.
Benefits of Graduate Loans
There are so many benefits of graduate loans and some points we would like to add it up here:
1) Able to take up a higher degree of education
2) Immigrants have a chance to go to school and get used to the education system
3) Study now pay later benefits
Basically, student loans make it easy for you to study in college but paying it could be a problem if you don’t have it all planned out.