2 answers
Ava
Student
1
Question
Updated
571 views
How can I better prepare to pay my college loans while I am still in school ?
How can I better prepare to pay for my college loans while I am still in school?
Login to comment
2 answers
Jinju Alphonsa Thomas
User Researcher
2
Answers
Ernakulam, Kerala, India
Updated
Jinju’s Answer
It's absolutely amazing and super impressive that you're thinking about this so early! I had student loans too, and I remember constantly worrying about them while I was studying.
The first thing I'd suggest is reminding yourself that you're determined, you're going to do well in life, and one day you'll be debt-free and thriving!
Here are a few things you can do while you're still in school:
- Keep the pressure in perspective. Being aware of your loans is a good way to stay grounded and focused on your goals, but don't let the stress consume you or take away from your college experience.
- Build your financial literacy. Learn how EMIs work, explore different investment options, and understand the financial risks you need to prepare for, such as health and life insurance.
- Minimize debt and maximize repayment opportunities. Without depriving yourself of experiences, see if you can take up part-time work or internships. Get into the habit of 'paying yourself first' by saving before you spend. Also, understand how interest accumulates and avoid falling into the 'minimum due' trap if you use credit.
You're already ahead of the curve by thinking about this now. Wishing you all the very best!
The first thing I'd suggest is reminding yourself that you're determined, you're going to do well in life, and one day you'll be debt-free and thriving!
Here are a few things you can do while you're still in school:
- Keep the pressure in perspective. Being aware of your loans is a good way to stay grounded and focused on your goals, but don't let the stress consume you or take away from your college experience.
- Build your financial literacy. Learn how EMIs work, explore different investment options, and understand the financial risks you need to prepare for, such as health and life insurance.
- Minimize debt and maximize repayment opportunities. Without depriving yourself of experiences, see if you can take up part-time work or internships. Get into the habit of 'paying yourself first' by saving before you spend. Also, understand how interest accumulates and avoid falling into the 'minimum due' trap if you use credit.
You're already ahead of the curve by thinking about this now. Wishing you all the very best!
Cathy Le, CRP, GMS-T
Global Mobility Specialist
16
Answers
Rochester, New York
Updated
Cathy’s Answer
Hi Ava,
This is a hard question, but from hearing you ask it, I can tell that you're a future-thinking and responsible person.
I'd say don't let this stress you out, as while you're in school. Student loans typically kick in once you've graduated. Even so, they don't expect you to pay all of it at once, but there is a payment plan that can be set up and frequency.
While you're in school, you should focus on studying and learning all of the things related to your major so that you can be better prepared for it once you've graduated. You never know—you might land a job right away post-graduation and will be able to pay off your loan in record time!
Don't stress out over it now and just enjoy your time in school!
Warm regards,
Cathy
This is a hard question, but from hearing you ask it, I can tell that you're a future-thinking and responsible person.
I'd say don't let this stress you out, as while you're in school. Student loans typically kick in once you've graduated. Even so, they don't expect you to pay all of it at once, but there is a payment plan that can be set up and frequency.
While you're in school, you should focus on studying and learning all of the things related to your major so that you can be better prepared for it once you've graduated. You never know—you might land a job right away post-graduation and will be able to pay off your loan in record time!
Don't stress out over it now and just enjoy your time in school!
Warm regards,
Cathy