How to HandleSTUDENT LOANS

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Join our Experian #CreditChat every Wednesday at 3 p.m. ET. This week, we tweeted with Stephanie Halligan about paying off student loan debt. “

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Stephanie Halligan draws comics about money at EmpoweredDollar.com, a personal finance web comic dedicated to crushing debt and creating financial freedom.

When she's not doodling or blogging, she's helping startups and nonprofits design financial education apps and programs. Follower her @EmpoweredDollar

FEATURING

COLLEGE LOAN STATS

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The graduating class of 2014 is the most indebted in history, with 70% of the newly-minted undergrad degree holders carrying an average debt of $33,000 each.

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Source: Forbes.com

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More than 7 million borrowers are in default on federal or private student loans.

Source: CFPB, 2013

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More than 40 million Americans have student loan debt, amounting to roughly $1.2 trillion in outstanding debt.

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Source: FoxBusiness.com

Q1: What should students know before taking a college loan?

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STUDENT LOAN TIP Don’t borrow more than you need.

Tweet by @EmpoweredDollar

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STUDENT LOAN TIP Don’t sign the dotted line until you’ve read the terms.

Tweet by @mikedelgado

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STUDENT LOAN TIP Know the difference between a subsidized

Tweet by @Finovera

and unsubsidized loan.

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STUDENT LOAN TIP Talk to the financial aid officer about your financial

Tweet by @EmpoweredDollar

aid package before accepting loans.

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Hat tip to @BrokeMillennial

BrokeMillennial.com#CreditChat

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STUDENT LOAN TIP Set-up a budget. Find out how much money

Tweet by @AdvantageCCS

you actually need.

Q2: What do you think about going to junior college to reduce student loans?

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Regardless of where you go, picking a high value college is

Tweet by @EmpoweredDollar

one of the most important money decisions you can make.

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CHOOSING A COLLEGE?

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Always be picking based on the VALUE not the brand name. Tweet by @BrokeMillennial

CHOOSING A COLLEGE?

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Students should always be evaluating the ROI of their education. Tweet by @Magnify_Money

CHOOSING A COLLEGE?

Q3: What are ways to save money while in college?

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Tweet by @Finovera

HOW TO SAVE MONEY IN COLLEGE Don’t buy books on campus. Buy/Rent books online.

Don’t leave free money on the table.

Tweet by @EmpoweredDollar

Keep applying for scholarships and renew your FAFSA.

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It isn’t always cheaper to live on campus.

Tweet by @Finovera

HOW TO SAVE MONEY IN COLLEGE

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Find some friends and pitch for a house close to campus.

Q4: What tips do you have for grads trying to figure out their finances?

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Tweet by @asmarterchoice

Track spending so you understand where your money is going.

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Tweet by @EmpoweredDollar

Put even a little money aside every month.

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Start a savings habit.

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Avoid overdraft fees by always knowing how much is in your account. Tweet by @BrokeMillennial

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Make student debt repayment a “need” expense to budget for

Tweet by @pjeg14

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and set-up an automated payment.

Q5: What are some ways to pay off a student loan faster?

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Grads, please negotiate your salary! That’s extra money to pay off debt. Tweet by @EmpoweredDollar

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HOW TO PAY COLLEGE DEBT FASTER

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Start paying down your student loan during your grace period. Tweet by @AmericaSaves

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HOW TO PAY COLLEGE DEBT FASTER

Tweet by @BWFeldman

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HOW TO PAY COLLEGE DEBT FASTER

Use a tracking tool like @ReadyForZero

Do biweekly payments, get side income, pay highest interest rate loans first.

Hat tip to @BrokeMillennial

BrokeMillennial.com

Q3: Any favorite apps or sites to help you research a home?

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Before rushing into paying off your student loan faster,

Tweet by @FinEdChat

decide if it makes mathematical sense.

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Q6: How do you balance paying off student loan debt while investing for the future?

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You can never rewind the retirement clock.

Tweet by @EmpoweredDollar

Get on the compounding returns while you’re young!

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Try and save at least $500 for emergencies while paying down debt.“

- @AmericaSaves

If you can only save $5 a month, do it!

Tweet by @magnify_money

Start the habit. That’s important.

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Tweet by @mikedelgado

Grads, start that 401(k) or IRA plan right away.

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Paying debt vs. saving/investing?

Tweet by @EmpoweredDollar

You have to do both. Don’t ignore your retirement.

Q7: What should you do if you’re having trouble paying your student loan?

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Tweet by @EmpoweredDollar

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If you run into trouble, whatever you do, don’t just stop making payments! That can lead to trouble.

Tweet by @AmOneMoney

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If you have a federal student loan, learn about deferment and forbearance.

Q8: Any final tips for paying off student loan debt?

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Tweet by @EmpoweredDollar

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Student loans can feel overwhelming. Don’t forget to celebrate the small wins!

Know that you can write off loans and your expenses from college in your taxes if you claim yourself.

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Tweet by @Finovera

Be aware of current legislative efforts to help student borrowers!

Tweet by @CarissaUhlman

Learn about the refinance act.

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