When it comes to student debt, American’s are drowning. Many people today are graduating with advanced degrees but can’t get jobs that give them the ability to pay off the loans in a reasonable amount of time or pay the high payments at all!

There are ways to plan and budget to make sure you can make your payments and try to get ahead of the interest each month.

Pay the interest while you are still a student.

Getting ahead of the interest payments while you are still a student is key. If you don’t let the interest accrue while you are in school, it will stop the interest from racking up while you are still taking out the loans and in school.

Try to budget a certain amount out of each paycheck for the payment.

Making sure to take a portion of the payment out of each paycheck will help with paying the monthly payment and not getting hit with one huge fee every month.

If you differ the payments after you are done with school, make sure to pay the interest and not let it build.

Similarly to making sure to pay the interest while you are a student, you want to make sure to do the same when you differ your payments after graduating from school. Not letting it build will help with the payments and make them more manageable when you do start to make payments.

Wiping out student loans will give you more freedom to live and enjoy your paycheck! The economy will be boosted when student loans are paid off because not having to make the payments each month will give you the financial freedom you have always wanted! Imagine having that money to spend on something you want or a trip you want to go on!