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After College: Strategies for Your College Finance Plan

Por: Tom Melecki

We’ve discussed why students and their families need College Finance Plans (CFPs) and summarized strategies to use in your CFP’s “Before College” and “During College” phases. Let’s review some “After College” strategies.

Almost 70% of college graduates borrow. They leave averaging more than $29,000 in student loan debt. Hence, most strive to keep their initial monthly payments as low as possible. Toward this end:

Ex-students also strive to reduce the overall amount they repay to free up money for other uses.To do this:

  • Prepay: Cut the total interest you repay by prepaying – i.e. paying early or paying extra — whenever possible.

  • Reassess Your Repayment Plan: Annually compare monthly payment amounts under your current plan to such amounts under other repayment plans. Switch plans if you can afford to pay more each month. This’ll create big savings.

  • No Negative Amortization: Some federal repayment plans allow you to pay less than the monthly interest charged on your debt. It’s better than defaulting, but you’ll pay more in the long run.

  • Use Loan Forgiveness: Washington offers some generous forgiveness plans on its loans. Pursue them if you qualify.

Being late or delinquent on your student loan payments generates extra fees and penalties. To avoid this:

  • Call Your Servicer: Ask to change your repayment plan or due date or to explore repayment deferments and forbearances if you have problems making your whole payment on time.

  • Dispute Servicer Errors: There are steps you can take if your loan servicer causes you repayment or other problems.

It’s your debt. Manage it aggressively to avoid problems and save money.

Need some personalized guidance on one or more of these strategies.Póngase en contacto con College Affordability Solutions for a no-charge consultation.

Este artículo apareció originalmente en www.collegeafford.com


Tom Melecki.png

El Dr. Tom Melecki es el fundador de College Affordability Solutions. La creó en 2015 tras jubilarse de una carrera de 39 años en la educación postsecundaria. Su trabajo en la asequibilidad universitaria comenzó en la Universidad de Texas Austin (UT), donde trabajó durante 10 años en la oficina de ayuda financiera, incluso como director de esa oficina durante los últimos siete años de su carrera postsecundaria. collegeafford.com

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