IRVINGTON, N.Y. -- Currently, more than 40 million Americans have some sort of student loan debt. Monthly payments, combined with entry-level salaries and other costs of living, can make student loans seem impossible to repay. However, borrowers have access to several services that are working to make student debt a little less scary.
"Getting lost in student debt is common for many people," said Elaine Soliman, marketing manager at Sunnyside Federal. "However, planning your payments and doing a little bit of research can go a long way."
The first step to paying off student loans starts with understanding how much money is owed and planning out a timeline for payments. "Preparation is an important step when determining how much debt you owe and coming up with a simple plan to pay it off," said Soliman.
Creativity is also important when paying off student loans. Contributing a large sum of money towards student loan debt will shorten the timeframe it takes to pay education expenses. Before having to pay off a home mortgage or save for retirement, simply put aside the majority of a monthly paycheck so student loans can disappear in a few years.
"Students who are right out of college and don't have many expenses to worry about should focus on paying off their college debts as soon as possible," said Soliman. "Set a plan for yourself each month and put aside a certain amount of money that can go towards loan debt."
Perhaps most importantly, its important to research changes surrounding student loans. Policies associated with debt repayment and interest rates are often changing. Making sure you're up to date on any new provisions that could change the process of repaying loans.
"As college has become more of a necessity for getting a good job, more kids are borrowing large sums of money so they can graduate," said Soliman. "It's important to understand your debt and come up with a creative and effective game plan."
Sunnyside Federal, Member FDIC, is an Equal Opportunity Lender. Find out more by clicking here.