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Whether you’re kickstarting your college career or proudly holding your diploma, financing college is a major undertaking that requires careful planning and preparation. As an increasing percentage of college students rely on loans to fund higher education, it’s important to know how to handle your student debt. To help you on your way, here are a few savvy tips to repay your debt faster and smarter.
1. Seek out financial aid
For those entering the wonderful world of college, congratulations! Although your savings account is sure to take a hit from tuition bills, there are plenty of options that can help ease the financial burden. Take steps such as applying for FAFSA,
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at every opportunity and getting a part time job. By doing so, you could save thousands.
2. Know your loan
Many loans offer a grace period after graduation, so take that time as an opportunity to familiarize yourself with your loans. What types of loans do you have? What are the interest rates? When will payments begin? Depending on whether your loans are federal or private, you may be able to take advantage of a slew of benefits, including fixed interest rates, income-based repayment plans and loan forgiveness programs. You may also be able to
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and get a lower interest rate. Take all this information into account and design a repayment plan that will work for your budget.
3. Pay off more than what’s due
When it comes to tackling student debt, a good strategy is to pay more and pay often. To help stay on top of your loans, set up automatic payments to ensure you avoid late fees. Even better, some loan providers offer discounts on interest rates if you opt into auto-paying, which saves you some of your hard-earned cash. If you can, set these automatic payments up for an amount that’s higher than what is due. That way, you can pay the loan off faster and spend less money on paying off interest.
4. Embrace the frugal life
Save money whenever you can, so you can keep putting more and more toward your student loans. Living with a roommate, swapping takeout for meal-prep, and checking out free or low-cost entertainment are all ways you can
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. If you’re lucky enough to find yourself with a little unexpected cash, treat your student loans with an additional payment before treating yourself. Small sacrifices now will pay off later when you’re living debt free and can spend more of your money on what you want.
Looking for extra support as you adjust to life after college? We can help.
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with one of our financial coaches, and we can help you get the ball rolling.
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Guide To Financial Confidence
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Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have.
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Get Savings And Stability With Summit’s 15/15 Arm
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An easier, more affordable way to buy, build or refinance a home A house is one of the biggest purchases you’ll probably ever make. Which means you really (really!) want to be sure you’re getting the home loan that’s right for you, and that just might be a 15/15 Adjustable-Rate Mortgage (ARM)! But first, let’s look at some helpful background, starting with the two main categories of mortgages – fixed-rate and adjustable-rate.
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Using Your Home Equity: Loan Vs Line Of Credit
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Home equity loan or line of credit (HELOC) — which one’s right for you? Thinking about making some home improvements this fall — or planning ahead so you’re first in line with your contractors next spring? Then you’re probably on the lookout for affordable financing. One option that could be a good fit: tapping into the equity of your home.
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Tips for Managing Money and Paying Off Student Debt After Graduation
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Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation.
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4 Financial Tips To Consider When Borrowing Money For The First Time
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Sometimes having a little extra cash is the only thing between you and your dreams. Check out these financial tips to be smart about borrowing money and avoid common mistakes.
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Tips & Advice For Your First Time Buying A Home
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Buying your first home can be intimidating, so we asked real people to share their new homeowner tips. Find out their strategies to ace the homebuying process.
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How to Save Money When Buying Your Next Car
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Buying a car is a big purchase, but if you play your cards right, you can get a good deal. Learn how to save money at every step of the car buying process.
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Ask Kim: Navigating Home Equity Loans
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Yes, it’s possible to create the home of your dreams, and it may be easier than you think with a home equity loan. But how does it work? Get up to speed with these tips from our very own Kim Sponem.
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Car Buying Made Simple(ish)
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Buying a car is a big deal — hey, those things are expensive! And even if picking out a vehicle is one of your most favorite things ever, it can still be a bit stressful to navigate researching and buying a car. Summit’s got three tips to help make the process as fast and easy as possible.
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