What you should know about money when you leave college.

DDminaj

New member

How Will You Pay off Debt?​

Getting your credit score and report details will help you see how much debt you’re dealing with and who you owe money to.

That means you can make a plan.

Your plan depends on how much debt you have and how much extra money you have to work with each month, so there’s no best plan for everyone and your plan might change as your income changes.

if you’ve got multiple accounts to pay off with limited income. It eliminates the overwhelm of debt payoff by letting you focus on one debt at a time with however much money you can afford to allocate to it.

By default, you signed up for a 10-year standard repayment plan, and that might make monthly payments tough to handle. An income-driven repayment plan could help.

Private debts and even credit cards might have more repayment flexibility than you think, too. You might be able to:
  • Ask for a deferment or forbearance period due to economic hardship
  • Negotiate a payoff amount, especially for debt in collections.
  • Negotiate a payment plan that’s easier for you to keep up with.
 

Briangsam

Active member
The ability to manage money is arguably among the most important of the practical life skills you need to develop, yet it’s not one that’s taught in schools. School is meant to prepare you for the real world, and to an extent, it does: after all, you’ll be managing your own money and living costs for the first time, and budgeting to ensure that the money you have goes as far as possible. But the world of full-time work can still come as a shock after three or more years of relative freedom and pursuing a subject you enjoy.
 

Alexandoy

VIP Contributor
When I got my first formal job as a computer programmer in a bank I felt like a millionaire with my salary. After giving half to my mother it was anything goes. That attitude persisted for more than a year and I realized my mistake when debts started to pile up. Aside from my wanton spending I was over generous with relatives and friends who borrowed money without the intention to pay back. I was able to correct the bad situation of my finances after a year.
 
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