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The reality of the rising cost of education is that more students finish school with student loans to pay off. With proper financial planning and management, paying off a student loan does not have to be an ordeal.
The first thing to do is to organize all your financial documents. Make sure to have all of the contact information for your lending institutions should you need to get in touch with them. Keep track of all your current expenses and income, and plan a monthly budget. Determine how much you can afford to set aside for monthly loan repayments.
While repaying your student loan it is important to avoid incurring additional debts. This is especially true of credit cards, which have far higher rates than other forms of debt.
Lending institutions usually offer graduated payment plans. As your personal income increases, monthly payments can increase to fit within your budget.
And remember that there is no penalty for paying off your loan as soon as you can afford it. The faster you pay off your loan and are out of debt, the better.
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