Pay off your Debt (Faster)
As a recent graduate, you may find yourself facing the daunting task of managing your debts.
We call this fifth year finance, because the "fifth year" is when managing your finances is one of the biggest challenges you'll have.
Student loans, credit cards, other debts start coming due, and then you need to figure out how to get to that job (buy a car), dress for success (buy a suit), or do the things that keep you sane (hang out with friends, go on a date).
Everything happens at once, which can be very overwhelming.
However, with proper planning and a clear strategy, you can achieve financial freedom and take control of your future.
This page has some ideas, and resources to help you get on top of your finances and start paying off those debts faster.
Student Loan Refinance
Student loan refinancing involves replacing existing student loans with a new loan, usually from a private lender, with different terms such as interest rate, repayment period, or monthly payment amount.
If you took out high-cost loans in college, this should be one of the first things you look to do to manage your finances.
You're circumstances have changed dramatically, and hopefully this allows you to lock in terms more commiserate with what you deserve.
Some places that offer student loan refinance:
Nelnet Bank
Earnest
Debt Consolidation / Personal Loans
College isn't cheap. Trust us, we know.
We've seen it all. You worked the night shift. You took classes in the summer. Maybe you put a bill on a credit card?
We get it. You had to do what you had to do.
Now? You need to get on top of things before they get out of control. We've unfortunately seen that happen to.
If you find yourself juggling a lot of debts, then debt consolidation is something you should consider sooner rather than later.
Remember. Your circumstances have changed. You've graduated from college, you've got that job. Don't be afraid to go back to places you might not have had much luck with before.
The key here is to find a way to pay less, for now via lower payment and/or for later via lower interest rates.
Most local banks, and credit unions will have personal loan products with competive rates. You can compare these at a place like Credible.
You could also look into start-up finance companies like Upstart that take your academic and other experience into consideration.
Financial Technology Tools.
So, let's be honest with each other. This whole thing sucks.
If you enjoy making budgets, and figuring all of this out then that's great. However, for most people that's not the case.
We know it. Everyone knows it. It's okay.
The below are some tools, and apps we've found to be helpful for people which helps make things just a little bit easier.
https://www.creditkarma.com/ - Track your credit, and your debts.
https://www.gochanged.com/ - Automated debt payment app.
https://www.alumsum.com/ - track your student loans, make repayment better
https://www.meetsummer.com/for-individuals - optimize repayment on your federal student loans
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Have you found something particularly helpful or valuable to you? Please let us know, and we'll add it to our page for other people in the same boat.