Balancing student loan repayment with other financial goals requires thoughtful planning and disciplined execution.
If you are facing a mountain of student loan debt, you know firsthand how daunting it can be to balance your repayment obligations with other financial goals. The good news is that you can make progress on multiple financial fronts. However, you’ll need a rock-solid plan.
Below, you’ll find free financial tips to help you repay your student loans and achieve other financial goals.
1. Understanding Your Student Loan Landscape
Step one involves understanding your student loans to plan how to pay them off. Here’s what you need to know.
1) Types of Student Loans
Look at all of your loans and categorize them by type. Federal loans offer benefits like income-driven repayment plans and potential forgiveness options. The
average interest rate for undergraduates with federal student loans for 2024 to 2025 is 6.53 percent, and the rate for graduate or professional federal student loans is 8.08 percent.
