Technology moves fast and trying to keep up can be overwhelming especially if your brain is not naturally geared towards technological advancements. But even the slowest of learners likely has a smart phone, and if you carve out some time to acquaint yourself with its features, you will find that it can do so much more for you than keep you connected to friends and family. Most young adults leave undergrad with more than their degree, they also leave with their student debt, and the looming start date of when repayment must begin.
Let your smart phone give you the edge and show you what this might look like for you, so that you can make responsible choices when the time comes to look for lenders. Using your time and resources now, to give yourself a general idea of what your payments might look like post-graduation will also illustrate for you how you might need to manage your money during your tenure as a student to speed up repayment once your time at university is over.
Tools at Your Disposal
A really simple way to use your phone to gain some knowledge is by browsing different tuition costs, and student loan terms, so you can anticipate what the marriage between the two may look like. You can use a student loan repayment calculator to estimate what your monthly payments will be with a private student loan. There is no commitment with this, only opportunity to forecast the reality of your financial commitments.
You can also use your phone to research the salary ranges of the field you plan to work in, while this is not exact math, it will give you an indication of what your earnings will look like, so that you can create a mock budget for yourself that is both responsible and also leaves room to still live your life. A good student loan repayment calculator will also be able to consider the unique nature of each student’s loan details. If you think one or more types of loan programs, plug it all into the calculator and play around with the numbers, the size of your monthly payments will vary depending on where all your borrowed money is coming from.
There’s an App for that
In today’s world, no matter what ‘that’ is, there is an app for that, and student debt management is no exception. When the time comes to start paying back what you owe, you can really simplify your life by using an app to do the thinking for you. It is likely that whichever lender you used to take out your student loan, will have their own app, start there. Surf around your phone’s app store, and you will find a plethora of options for apps that can act as your own personal, virtual money manager. A lot of apps are free to users, but even the ones that are not generally have a minimal charge. Make sure that if you are subscribing to paid apps that you read their terms of service thoroughly regarding automatic payments, and cancellation fees to avoid spending unwanted funds.