The cost of higher education continues to rise at an astronomical rate, and new grads are finding themselves drowning in student loan debt when they try to find work. With so many options available, paying off your student loans can seem like an impossible task. But it doesn’t have to be. In fact, there are plenty of ways to manage your student loan balance and graduate debt-free with the right approach and mindset. Here are 10 ways to get started on managing your student loan balance so you can enjoy being a newly minted graduate without the burden of excessive debt.
1) Organize all your bills
When it comes to student loans, there are a few things you can do right away. First, see what you’re currently paying in interest on your loans. Then compare that rate with your credit card or car loan interest rates—maybe you can refinance at a lower rate.
2) Create a budget
A lot of college students don’t have a budget. Budgeting is important because it can help you save more money and pay down your debt faster. The key to getting started with a budget is to set goals. Think about what you want your life to look like in a few years—maybe you want a house or a car, or maybe you want to go on vacation or start an emergency fund.