Student loans

Question

what are some tips you recommend?

Anonymous · Answer

I recently started using an app called Qapital, which rounds-up on purchases made on your debit/credit cards. You can route the $ to go towards specific goals, like student loans. It adds up quicker than you'd think and is a great way to save without feeling a huge dent in your wallet!

R.E. Gast · Answer

I also recommend putting that pre-determined amount of money you're allowed to spend on fun things in one bank account, and everything else into another account, so that you don't get too carried away with spending. Keeping the line clear between 'fun money' and 'savings/bills/emergency money' helps a lot.

R.E. Gast · Answer

Depending on how the market it is doing and what your job is, you will want to do some math and figure out how much you should be putting towards loans and how much you should be saving for retirement.

Here's an example:
Priority #1 - Minimum Payments on Student Loans and all other bills necessary to live. Also set aside a predetermined amount of discretionary spending
Priority #2 - Meeting a company match on your 401k, if applicable
Priority #3 - Putting extra money towards your highest interest rate loans (say, 5% and above)
Priority #4 - Putting money into a Roth IRA
Priority #5 - Putting money towards the rest of your loans and/or more money in your 401k

This may not be the perfect example for you, but if you decide what your priorities are and make sure you understand the math that goes into these decisions, you'll be best equipped to decide for yourself.

Olivia Oz · Answer

I wish I knew that different loans have different grace periods for making your first payment. You might have 6 months depending on the type of loan or it could be 9 months. It's good to know in advance so you can properly prepare.

Student loans

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