If you’re like a lot of residents of our Austin apartments, you’ve probably been paying back student loans since about six months after you graduated college. Student loans can be tough to deal with and understand, but it’s well worth your time to dive into the fine print of your loans and learn everything you can learn about them. It might sound daunting, but we’re here to help.
This week’s blog is all about student loans. We’ll be talking about how you can manage them, how you can pay them off faster, and all the different payment options you have to choose from. There’s a lot to unpack when it comes to student loans, but we hope that this blog starts you down a path towards better understanding your loan situation.
Without further delay, let’s get right to the list of student loan tips! When you’re done reading through the list below, please be sure to share the link to this page with your friends and neighbors at your community of apartments in east Austin.
Learn about the different payback methods
While we don’t know your particular financial situation, we do know that there are several different ways to pay back student loans depending on how much money you’re making or anticipate making in the future. If you think you’ll be making more in the future than you do right now, you might want to go with a graduated repayment plan. If you just want to pay as little as possible right now while you’re just starting off in your career, an income-based repayment plan might be best. If you anticipate making the same amount of money for the next few years, a level repayment plan could be a good option. Get to know your options!
Forbearance is when you stop paying your loans for a few months. The interest will still accrue, so you’ll have to pay that off each month, but the lender won’t penalize you for not paying for a couple months. Most federal loans offer 6 months of forbearance. If you’re going to go on an extended vacation or you’re going to try to freelance for a while instead of having a steady income, forbearance might be worth looking into.
Learn about consolidation
By combining multiple loans into one loan, you can make your repayments less complicated. Consolidating your loans can mess with your interest rates though, so be sure to look at your possible interest rates before and after consolidating to see which rates are preferable.
We’ve run out of student loan tips to share with you this week, residents, but we’ll be back soon with more brand new blogs! As always, we greatly appreciate those of you who’ve been coming back week after week to read all the new posts from Corazon apartments. We hope that by reading this post, you feel like you’ve gained a little knowledge that could help you pay your student loans back faster and more efficiently.
We’ll have another blog live on the site in a few short weeks! If you feel like you learned something from this week’s blog and you’d like to see the next one right when it goes up on our website, please be sure to bookmark our blog page. You don’t have to wait long for our next blog, but while you do wait, you can stay up to date with everything happening at Corazon by following us on social media. There’s no faster, easier way to ensure you’re always among the first to hear about upcoming resident events, promotions and giveaways happening at Corazon — the apartments Austin residents prefer.